Hedge Fund GangstasMarch 19th, 2009 at 10:16 pm by Preston Taylor Holmes
This is an excellent video that explains how the Bear Stearns and Lehman Brothers attacks (via an illegal practice called naked short selling) led to the collapse of the global economic house of cards. It’s long (23 mins) but it’s so worth it. I remember having this discussion with my dad last fall, who speculated that naked short selling would be an excellent vehicle for economic terrorism – we just had the wrong country.
This is all part of what Karl D refers to as The Bezzle. If you don’t prosecute the Wall Street criminals and force the market to play by the rules, there will be no confidence in the free market. There is already no confidence in the Federal Government. And for the love of all that is holy, we have an absolute rube playing Monopoly in the Treasury Dept.
The SEC has apparently come up empty handed in trying to find out who blew up Bear and Lehman – either that or they know and they’re scared shitless to do anything about it. Either way, they suck.
Hedge Funds and the Global Economic Meltdown from Judd Bagley on Vimeo.
Also check out the Deep Capture blog for even more dirty details. Yes, I know they mentioned Michael Moore, but try to look past that.
Thanks to Terry for posting the video.