The president of the New York Stock Exchange (NYSE) launched a coordinated attack on “shorts” that mirrored his rival’s (Nasdaq) attack. The NYSE assault, however, used bizarre rhetoric.
“It feels kind of icky and un-American, betting against a company,” NYSE Group President Tom Farley told lawmakers in Washington Tuesday.
The heads of the NYSE and Nasdaq have appropriated the word “transparency” to support the effort to reduce the shorts’ effectiveness. When the NYSE purports to champion “transparency” – the key to reducing fraud by the CEOs of the companies whose stocks they exchange – it is time for investors to grab their wallets and hold them tight. The stock exchanges are very far from being champions of transparency when the question is what the CEOs of the listing companies should be required to disclose. Sure enough, it turns out that the stock exchanges’ proposed anti-short “reform” is actually a means to try to reduce the reliability of the public disclosures made by the CEOs of firms on those stock exchanges. A sophisticated stock fraudster wants the public to believe the firm is “transparent” because of its disclosures, but it is those very disclosures (when false) that turn that ‘transparency’ into an illusion designed to deceive the investor. When shorts improve the reliability of the disclosures that the CEOs of firms listed on the stock exchanges make, they protect investors from fraud. That makes honest “shorts” highly “American.”
There are many people culpable for the mass loss of life in the Grenfell fire in London. At this time, we know enough about the fire and its causes to be able to discuss these matters with sufficient confidence to draw preliminary conclusions. As always, we should also keep in mind that we do not have all the facts so some of our conclusions must be tentative.
Bank Whistleblowers United (BWU) makes its non-coveted Lemon award to the United Kingdom (UK) for actions harming whistleblowers and the world. BWU’s three principals are highly experienced financial experts with combined practical and academic experience of over 120 years. We are each unemployable in finance because we warned internally at are places of work and then externally about grave misconduct by the most senior financial and regulatory leaders that would (and did) produce terrible losses.
NEP’s Bill Black appears on The Real News Network and says don’t expect much – sadly, the British Serious ‘Farce’ Office that brought about the charges may not have the wits to carry out the prosecution. You can view with transcript here.
NEP’s Bill Black appears on the Real News Network and explains that the Republicans’ effort to eliminate Dodd-Frank Act financial regulations serves the interests of the big financial institutions and has nothing to do with rules’ complexity or impact on the economy. You can view here with a transcript.
Rupert Murdoch controls the Wall Street Journal and Fox News. Even before he acquired the WSJ its editorial board was known for its members’ ultra-right wing fervor. The acquisition intensified that fervor. The editorial board’s fervor has infected the WSJ’s news pages. That is the context essential to understanding the significance of its June 6, 2017 editorial eviscerating President Donald Trump. They entitled their editorial “The Buck Stops Everywhere Else.” Here is the most damning paragraph. .
If this pattern continues, Mr. Trump may find himself running an Administration with no one but his family and the Breitbart staff. People of talent and integrity won’t work for a boss who undermines them in public without thinking about the consequences. And whatever happened to the buck stops here?
In addition to the obvious slam, consider several aspects of the content, tone, and timing of the editorial. They published it on the anniversary of D-Day, a day of courage and personal responsibility. Dwight D. Eisenhower, the Allied commander of the invasion and future president of the United States, took a large gamble on the weather clearing enough to allow the invasion to occur. The editorial, appropriately, given tight word count limits, did not explain what so many adult Americans recall – the last sentence of Eisenhower’s statement to the public in the event the invasion failed. He personally drafted the statement.