'Naked Short Selling'

readersupportednews.org, Rolling Stone by Matt Taibbi | May. 16, 2012 (Investigative Report)

“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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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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