Or as the ditty from an old book about Wall Street goes,
"He who sells what isn't his'n, must buy them back or go to prison."
Then there is the disreputable practice of "naked shorts," where you do all this without borrowing shares first.
On Tue, May 29, 2012 at 3:03 PM, Chuck Grimes <c123grimes at att.net> wrote:
>
>
> Last week, in response to an Overstock.com motion to unseal certain
> documents, the banks' lawyers, apparently accidentally, filed an unredacted
> version of Overstock's motion as an exhibit in their declaration of
> opposition to that motion. In doing so, they inadvertently entered into the
> public record a sort of greatest-hits selection of the very material
> they've been fighting for years to keep sealed.
>
>
> `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.
>
>
> http://www.rollingstone.com/**politics/blogs/taibblog/**
> accidentally-released-and-**incredibly-embarrassing-**
> documents-show-how-goldman-et-**al-engaged-in-naked-short-**
> selling-20120515<http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515>
>
> --------------
>
> I hope somebody who understands this article will read it and explain it
> to me. How do you buy and sell stock you don't own? Well, and these guys
> run the world?
>
> CG
>
>
>
>
> ______________________________**_____
> http://mailman.lbo-talk.org/**mailman/listinfo/lbo-talk<http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk>
>