Destroying Public Companies for Profit - Abusive Naked Short Selling

[sixmile]

Read this, learn it, complain about it.
Abusive naked short selling beat us up, knocked us to the ground and stole from us. Unless we demand an end to the abuse it will continue.

http://www.deepcapture.com/our-watchdogs-and-the-financial-scandal-of-the-century/

From the article:
'The problem is that many hedge funds and brokers engage in illegal naked short selling – selling stock and other securities that they have not yet borrowed or purchased, and failing to deliver stock within the allotted 3 days. They do this to drive down stock prices and destroy public companies for profit.

Emmy Award-winning journalist Gary Matsumoto reported on the Bloomberg newswire last week that naked short selling is one of Wall Street’s “darkest arts” and contributed to the demise of both Lehman Brothers and Bear Stearns. SEC data shows that an astounding 32.8 million shares of Lehman were sold and not delivered to buyers as of last September 11, days before the company declared bankruptcy.

The collapse of Lehman, of course, triggered the near-total implosion of our financial system.

How could this have been allowed to happen?

One answer lies within that black box – the Depository Trust and Clearing Corporation. The DTCC is a quasi-private, Wall Street owned and operated organization that is charged by Congress and the SEC with ensuring that securities trades are cleared and settled. As is evident from the cases of Lehman, Bear, and hundreds of other companies, however, the DTCC often fails to do its job.'

DTCC-one of the most corrupt, secretive organizations in existence:

'While enabling hedge funds and brokers to engage in their dark art, the DTCC also goes to lengths to deny that illegal naked short selling occurs and to smear the reputations of people who say otherwise. It has orchestrated this vicious public relations campaign in cahoots with a crooked Portfolio magazine reporter named Gary Weiss, who has worked closely with a motley cast of Mafia-connected hedge fund managers and convicted criminals.'

deepcapture.com founded by overstock.com's Patrick Byrne is an investigative financial blog exposing the disgusting underbelly of the banking and brokerage elite who are looting and plundering our treasure through abusive naked short selling, and gaming our financial system in broad daylight.

[PDJane]

1. yes, it did.

As far as I can tell, Lehman brothers was pushed by just this method, along with several others of course.

[Chronotis2613]

2. Great!

Thanks for posting this very useful information! :)