Frank, agreed. It was another engineered shakeout. One or more big fish bought a lot today.
As I have been informed, hedge funds are allowed to naked short as much as they want. No need to borrow shares. They are only ever looked at if the naked shorted shares stay naked (failures to deliver) for too long (Regulation SHO list.) During the Great Recession market tanking period, I owned stocks that were on the Regulation SHO list for up to 11 months at a time, including stocks that had nothing but good news! Bashers were out in force. It was pure manipulation, and I came out far ahead by buying and holding. One such notable stock was SIRT (Sirtris Pharmaceuticals,) it should have been skyrocketing but big money was shorting it. I had the last laugh when Sirtris was bought by GSK for the better part of a $Billion, and all the Call Options I owned were suddenly very, very, very deep in the money. It's a bull ride, fighting the manipulative shorts, ever since the SEC abolished the effective Uptick Rule in 2007.
Thanks to Ron Luhmann for posting this on the TimHoward717 blog:
Case 1:13-cv-01025-RCL Document 49-1 Filed 09/18/14 Page 1 of 2
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
PERRY CAPITAL LLC,
JACOB J. LEW, et al.,
Civil Action No. 1:13-cv-1025-RCL
[PROPOSED] ORDER FOR SUPPLEMENTATION
OF DEFENDANTS’ ADMINISTRATIVE RECORDS
Upon consideration of Plaintiff Perry Capital LLC’s Motion for Supplementation of
Defendants’ Administrative Records, it is hereby ORDERED that:
1. Plaintiff Perry Capital LLC’s Motion for Supplementation of Defendants’
Administrative Records is GRANTED.
2. Defendants shall promptly supplement their administrative record submissions so
as to include all materials that were directly or indirectly considered by Defendants in connection
with their decision to enter into the “Net Worth Sweep” implemented by the “Third
Amendment” to the Preferred Stock Purchase Agreements, including, without limitation, (a) the
June 13, 2011, presentation “Discussion Materials, Presented by Blackstone Advisors to the
Department of Treasury”; (b) all financial projections and associated data and analyses; and (c)
the Department of Justice materials to which the “decision memorandum” found at page 4332 of
the Treasury Defendants’ record submission refers. In addition, to the extent Defendants have
excluded from their compilation of record materials documents that they claim are protected by
applicable privileges, they shall promptly produce to Plaintiff a privilege log identifying those
documents and the nature and basis for any such claim of privilege. To the extent any such
Case 1:13-cv-01025-RCL Document 49-1 Filed 09/18/14 Page 2 of 2
privileged materials contain purely factual information, Defendants shall promptly produce
redacted versions of such materials to Plaintiff. The productions required under this paragraph
shall be made as soon as is reasonably possible, and in no event later than __________, 2014.
Dated: _____________ ___________________
ROYCE C. LAMBERTH
United States District Judge
If you're going to lie about your IQ, you might want to revise, because 168 would not be the highest here. Of course, 168 probably seems sky high, to you. :)
it turns out to be yet another $Billionaire fund using the lack of an effective Uptick Rule, and using high frequency trading platforms, to shake Bobs and Joes and Sallies out. The big boys are buying. You do not have to sell to them cheaply. Thia has been, and continues to be, like a bull ride. Once normal dividends are restored, there will be a very strong natural buoyancy. Right now, the big boys have license to waterboard us.