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WallStreetOasis.com » Blogs » DoctorEvil's blog

Fraud on Wall Street? Forum's RSS Feed

DoctorEvil's picture
by DoctorEvil User's RSS Feed Certified User (Orangutan, 326 Banana Points Points) on 10/2/09 at 8:36pm
large_09.18.08-WALL-STREET-JOBS-MONEY.jpg

In the latest issue of Rolling Stone, the magazine’s financial reporter, Matt Taibbi, writes a story called “Wall Street’s Naked Swindle,” in which he claims that evidence suggests that there was massive manipulation (specifically a whole lot of naked short selling) that helped fuel the collapse of Lehman and Bear and that the Fed, SEC, etc. has not yet taken action against the cheating bastards.

In the article and in his blog, Taibbi also claims that Goldman may be partly responsible for the events of mid-March or, at the very least, culpable for deliberately spreading misinformation about naked short-selling in their lobbying efforts to congress.

Unfortunately, because Rolling Stone is still hanging on to the analog age like George Bush to revisionist history, the magazine has not yet posted the article on its website. But, here is a video of Taibbi talking to Old Patty “Crazy Talk” Buchanan as well as others.

Highlights include quotations like, “Does the ‘C’ in ‘SEC’ stand for ‘clueless’????”

Dealbook responded a couple of days ago with a fluff article on Taibbi's claims.

And for good measure, here’s the trailer to Michael Moore’s new movie. America’s “most feared film-maker” (according to his trailer) will no doubt conflate this issue and make a potentially interesting topic into a high-cholesterol crapcake. How has this guy not been tarred and feathered yet?

Does anyone think that Taibbi is on to something here?

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Tags:
  • naked short selling
  • matt taibbi
  • market manipulation
  • fraud

Comments

TheKing's picture

He definitely is

by TheKing User's RSS Feed Certified User (Senior Gorilla, 815 Banana Points Points) on 10/2/09 at 9:19pm

http://www.deepcapturethemovie.com/

When you've got time, go to the link and watch the slideshow movie. It's informative and talks about a similar topic.

::sits back and waits for immature Goldman stans to come in and defend things they don't understand::

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SAC's picture

Taibbi definitely has it in

by SAC User's RSS Feed (Senior Gorilla, 758 Banana Points Points) on 10/2/09 at 10:56pm

Taibbi definitely has it in for Goldman

---
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Edmundo Braverman's picture

No innovator

by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 10/3/09 at 4:43am

While I enjoy Taibbi's work (especially the fits he gave Goldman over the summer), he's definitely not a pioneer on this subject. The practice of naked short selling has been exposed for a long time now, and was going on way back when I got into the business in the early 90's. I know because my firm was doing it.

Look up Tony Elgindy if you want an interesting read on the subject. His desk was about 10 feet away from mine back in the day. I've often thought about writing about those days myself.

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DoctorEvil's picture

Thank you for this. I'm

by DoctorEvil User's RSS Feed Certified User (Orangutan, 326 Banana Points Points) on 10/7/09 at 1:57am

Thank you for this. I'm listening to it right now. Fascinating. I have a friend who works for Columbia Journalism Review, who I want to ask about this...

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