'Naked Short Selling'

“Fuck the compliance area – procedures, schmecedures,” chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales.

We also find out here how Wall Street professionals manipulated public opinion by buying off and/or intimidating experts in their respective fields. Full Story »

Posted by Dwight Rousu

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Review

Randy Morrow
4.1
by Randy Morrow - May. 17, 2012

It is both terrible and hilarious to contemplate. The bank has spent a fortune in legal fees trying to keep this material out of the public eye, and here one of their own lawyers goes and dumps it out on the street. —- Trafaglia, in other words, didn’t want to bother paying the high cost of borrowing “negative rebate” stocks. Instead, he preferred to just sell stock he didn’t actually possess.

Mr. Taibbi explains a big legal mistake by Goldman that has exposed embarrassing information and goes on to explain some trading jargon.

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Randy's Rating

Overall
4.1

Good
from 11 answers
Quality
4.2
Facts
5.0
Fairness
5.0
Sourcing
5.0
Style
4.0
Context
3.0
Depth
4.0
Enterprise
4.0
Relevance
4.0
Popularity
3.5
Recommendation
3.0
Credibility
4.0
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