IPFS
Wall Street's 'Check Kiting' is coming to an End
Written by Ernest Hancock Subject: ConspiraciesI’ve
included a couple of links below that might be of interest to you. But the
focus of my research over the next few days is the effect and the reasoning
behind the halting of short selling. Here are just a couple of thoughts I have
that will help guide my questioning and research.
September 23,
2008
"No
Shorting. Well, Except For You. Ok, You Too, I Guess."
-
What if there was a circle of ‘banks’ that allowed their customers to ‘kite
checks’ (when an individual, or multi-billion dollar corporation, is given money
for a piece of paper in hopes that the piece of paper will be ‘good’ before it
is charged to their ‘account’ later for payment)?
-
What if the ‘customers/clients’ were other ‘banks’ (financial
institutions on Wall Street etc.)?
-
What if the ‘check kiting’ had grown soooo large that
the cash required to sustain the ‘promises’ didn’t exist?
Naked Short Selling allowed for the creation of a ‘kiting
bubble’ with no limits and no real collateral (counterfeiting).
(Derivatives is a secondary explosion 100's of times larger waiting on the sidelines)
Now,… there are libertarian minded people in our ‘free-market’
that have understood this for years and knew to legitimately "short" these
financial institutions and make money on their understanding of the real value
of these rip off artists’ company stocks. Sooooo…
These companies used their control of the government and the
‘free-market’ to halt short selling of their stocks. This caused them to jump
in price and wipe out anyone that did know what they were doing (this is a
free-market?).
In an attempt to make their ‘check kiting scam’ balance they
need TRILLIONS of US taxpayer dollars (created out of nothing by the Federal
Reserve) that will indebt unborn Americans for life and totally destroy the US
Dollar and the American economy.
This is not an ‘if’ thing,… this is an ‘already happened’
thing.
I suspect that short selling will once again be allowed
after Wall Street’s checking accounts are replenished with 'bailout money' and the ‘bad guys’ can
position themselves to take advantage of the destruction of the US Economy in
any number of ways.
My thoughts above on this is what is propelling my
investigation over the next few days as I continue with my other duties. But I
suspect that what I discover will be as simple as this.
Ernie
Well, we all knew they blew it, the only question was how
long it was going to take them to admit it. And given that the rule was only
scheduled to last ten days at first, we might have endured the entire thing
without so much as a "woops."
September 22, 2008,
8:52 am
GE,
AmEx, GM Join No-Short List
Posted by Editor
The New York Stock Exchange said Monday it will ban short-selling in the
stocks of 30 additional companies with financial-services opeations. These
stocks weren’t included in the
list of 799 financial stocks the Securities and Exchange Commission released
Friday.
(UPDATE: now the list is over 900)
The list is as follows:
GLG GLG Partners
GE General Electric Co.
OCN Ocwen Financial Corp.
KBW KBW Inc.
GFG Guaranty Financial Group Inc.
MFG Mizuho Financial Group, Inc.
FMR First Mercury Financial Corp.
STC Stewart Information Services Corp.
FCF First Commonwealth Financial Corp.
MTB M&T Bank Corp.
DFS Discover Financial Services
BMO Bank of Montreal
TD Toronto Dominion Bank
CM Canadian Imperial Bank of Commerce
FMD First Marblehead Corp.
BBV Banco Bilbao Vizcaya SA
CIB BanColombia SA
LM Legg Mason, Inc.
NFP National Financial Partners Corp.
AXP American Express Company
CIT CIT Group Inc.
GM General Motors Corp.
HIG The Hartford Financial Services Group
ADS Alliance Data Systems Corp.
ALD Allied Capital Corp.
RAS RAIT Financial Trust
DRL Doral Financial Corp.
FSR Flagstone Reinsurance Holdings
MCO Moody’s Corp.
COF Capital One Financial Corp.
GLG GLG Partners
GE General Electric Co.
OCN Ocwen Financial Corp.
KBW KBW Inc.
GFG Guaranty Financial Group Inc.
MFG Mizuho Financial Group, Inc.
FMR First Mercury Financial Corp.
STC Stewart Information Services Corp.
FCF First Commonwealth Financial Corp.
MTB M&T Bank Corp.
DFS Discover Financial Services
BMO Bank of Montreal
TD Toronto Dominion Bank
CM Canadian Imperial Bank of Commerce
FMD First Marblehead Corp.
BBV Banco Bilbao Vizcaya SA
CIB BanColombia SA
LM Legg Mason, Inc.
NFP National Financial Partners Corp.
AXP American Express Company
CIT CIT Group Inc.
GM General Motors Corp.
HIG The Hartford Financial Services Group
ADS Alliance Data Systems Corp.
ALD Allied Capital Corp.
RAS RAIT Financial Trust
DRL Doral Financial Corp.
FSR Flagstone Reinsurance Holdings
MCO Moody’s Corp.
COF Capital One Financial Corp.
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