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October 26th, 2009, 11:32 AM #1
I decide when the pigs fly!
Wall Street's Naked Swindle
- Join Date
- January 18th, 2005
- New York, USA
A scheme to flood the market with counterfeit stocks helped kill Bear Stearns and Lehman Brothers — and the feds have yet to bust the culprits
I subscribe to Overstock's newsletter and there was a link to this article in it today. I'm horrified that something like this could happen and probably will happen again if restraints aren't enacted to prevent it.
October 26th, 2009, 02:02 PM #2
Hard to believe that this is true....truly horrible if it is.Jason
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October 27th, 2009, 07:45 AM #3
It is a long read, but a good article.
October 27th, 2009, 08:34 AM #4
- Join Date
- January 17th, 2005
What caused the failure of BS & LB was they had to sell stock at anyprice to meet their margin calls since they could not get anymore money. As a result, millions of shares hit the market 'at the market' and no one wanted to buy because they did not know how many shares were coming.
It was a domino event of mythic proportions caused by Paulsen & Bernacke being insanely stupid.
October 27th, 2009, 11:35 AM #5
It's all about greed, stupidity and a lack of follow through with laws that already exist on the books. Nothing new here but enough to make me nauseous.<a href="http://www.buzzymultimedia.com/afpr.html"><font color="#FF0000">Buzzy Multimedia Publishing Affiliate Program</font></a>--<a href="http://www.shareasale.com/shareasale.cfm?merchantID=13023"><font color="#FF0000">SAS Sign-Up</font></a>
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