JP Morgan Chase Smith Barney whatsis

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lukethedrifter
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Re: JP Morgan Chase Smith Barney whatsis

Post by lukethedrifter »

Well, here we are excusing financial malfeasance as the cost- nay- harmless side effect- of Capitalism again. <sigh>

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JackofDiamonds
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Re: JP Morgan Chase Smith Barney whatsis

Post by JackofDiamonds »

lukethedrifter wrote:Well, here we are excusing financial malfeasance as the cost- nay- harmless side effect- of Capitalism again. <sigh>
Don't you backpage me with this.

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Re: JP Morgan Chase Smith Barney whatsis

Post by AdmiralKird »

I want to accuse Rolling Stone of sensationalizing the news for magazine and advertisement revenue sales.

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pioneer98
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Re: JP Morgan Chase Smith Barney whatsis

Post by pioneer98 »

AdmiralKird wrote:Edit: Jack's Exp. is better.
Among other things, they are also accusing them of telling their larger hedge-fund customers about the short positions of their smaller customers (known as "Muppets"). Was this also common practice and I just need to be brought up to speed?
They also accused Glen Beck of raping and murdering a girl in 1990.
OK. I'll post the New York Times article on this when it comes out, if the source is the problem for you. The paper trail is out there. When more legit journalists get on this trail, I doubt the story will improve. Likely it will only get worse.

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pioneer98
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Re: JP Morgan Chase Smith Barney whatsis

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A different version of the same news:
http://www.sfgate.com/cgi-bin/article.c ... -M44X9.DTL
The online retailer accused Merrill, now part of Bank of America Corp., and Goldman Sachs of manipulating its stock from 2005 to 2007, causing its shares to fall. Clearing operations at the banks intentionally failed to locate and deliver borrowed shares for clients shorting stocks, including two traders who were fined and suspended from the industry, Overstock's attorneys said in court filings earlier this year.
After a Merrill executive expressed concern that a colleague intentionally failed, or didn't complete, a short sale, an executive at the clearing unit responded with an expletive, telling the executive to ignore "the compliance area -- procedures, schmecedures," Overstock lawyers said in the filing, citing an excerpt from a May 2005 e-mail. The Merrill executive later told a judge the statement was a joke, Overstock said in the Feb. 9 court document.
In June 2005, Thomas Tranfaglia, then president of Merrill's clearing unit, said in an e-mail about the possibility of failing market-maker trades, "Why would we have to borrow them? We want to fail on them," according to the filing.

"As far as I'm concerned, this is totally unacceptable -- we are failing when we have over a million shares of stock available," another Merrill executive said in an e-mail cited by Overstock in its filing. "Is there a blanket agreement that we allow every market-maker client to continue failing even if there is enough availability?" the executive asked in the e- mail. "There needs to be some assessment done here, and fails cleaned up regardless of who is causing them."
Last edited by pioneer98 on May 17 12, 9:44 am, edited 2 times in total.

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AdmiralKird
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Re: JP Morgan Chase Smith Barney whatsis

Post by AdmiralKird »

pioneer98 wrote: OK. I'll post the New York Times article on this when it comes out, if the source is the problem for you. The paper trail is out there. When more legit journalists get on this trail, I doubt the story will improve. Likely it will only get worse.
All I need is pinheaded liberals telling me what to believe.
pioneer98 wrote:A different version of the same news:
http://www.sfgate.com/cgi-bin/article.c ... -M44X9.DTL
San Francisco Gate? Might as well come from the fictional land of Liberia its so Liberal.

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Re: JP Morgan Chase Smith Barney whatsis

Post by Joe Shlabotnik »

Yo - Admiral, GS e-mails are telling you what to believe.

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Re: JP Morgan Chase Smith Barney whatsis

Post by AdmiralKird »

Actually that would be Fox News.

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Re: JP Morgan Chase Smith Barney whatsis

Post by AdmiralKird »

But really though, to not play a moron for a second, Rolling Stone's reporters are drumming up a case against stuff they don't fully understand or know its not a big deal. The stuff on short selling... not a big deal. Having an artificially inflated float for a few days on one firm isn't going to bring down the market or even that firm. Shorting has been around since the 1600's, its not something new and scary. It's a problem when there is a 'run' on the markets, but otherwise its a healthy mechanism that keeps a stock somewhat fairly priced.

Trading on information that you can bet against smaller investors that are your customers...not good. Like Jack said, highly illegal, but unless the accusers have some real evidence I can't levy hatred against them.

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Re: JP Morgan Chase Smith Barney whatsis

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This type of [expletive] never happened when we had barter.

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