They even made naked shorting illegal after 2008, but made sure their SEC has never actually enforced the law because they commit that specific crime every single day... the law only exists to make sure they themselves aren't bankrupted the same way they took down Lehman and Bear.
Ahhhh so that’s when that happened. I was thinking it had been legal in the past.
VW's naked short situation started the collapse. The biggest banks never closed - they negotiated a closed-door deal between governments and Porsche to instantly sell everything - releasing all shorts - once they had legal control over VW. This was because the Porsche secret takeover process was probably very illegal - they quietly gained total ownership beyond short sellers ability to even pretend to close their naked positions (that were legal at the time) and no one knew until Porsche went public.
Then shortly after the big banking collapse was likely also a naked shorted to death situation, until the SEC made it impossible to short a bank.
Before 2008 naked shorting was illegal. Its what caused 1929 (on top of other issues like leveraged housing etc, basically everything you saw pre 2008 and right now). If you ever rewatch the Eddie Murphy movie Trading Places, the Randoph & Mortimer hedge fund crooks lost everything because they were overleveraged on bad insider trading info and naked shorting. They literally lost more than everything because thats how shorting works always, and naked shorting is even worse.
the Gamestop thing proved naked shorting is alive and well - literally the only possible way for the SEC to release proof the company was more than 200% short was if there was massive wide scale institutional crime at all levels happening.
The banks still own the SEC and its a criminal organization - the proof is not even one person or bank has been investigated for that naked shorting crime, and even during the faked hearings Congress held they avoided the entire topic of naked shorting and diverted the discussion to safe legal topics like "gamification" etc.
1929 will repeat. The recently fired SEC chairman was personally responsible for repealing Glass Steagall, which was the law passed after the Great Depression that was supposed to stop it from repeating. the only reason to repeal that was to make sure another Depression was possible.
Ahhhh so that’s when that happened. I was thinking it had been legal in the past.
Makes sense. Use the weapon, then shut the door.
Moon wen?
VW's naked short situation started the collapse. The biggest banks never closed - they negotiated a closed-door deal between governments and Porsche to instantly sell everything - releasing all shorts - once they had legal control over VW. This was because the Porsche secret takeover process was probably very illegal - they quietly gained total ownership beyond short sellers ability to even pretend to close their naked positions (that were legal at the time) and no one knew until Porsche went public.
Then shortly after the big banking collapse was likely also a naked shorted to death situation, until the SEC made it impossible to short a bank.
Before 2008 naked shorting was illegal. Its what caused 1929 (on top of other issues like leveraged housing etc, basically everything you saw pre 2008 and right now). If you ever rewatch the Eddie Murphy movie Trading Places, the Randoph & Mortimer hedge fund crooks lost everything because they were overleveraged on bad insider trading info and naked shorting. They literally lost more than everything because thats how shorting works always, and naked shorting is even worse.
the Gamestop thing proved naked shorting is alive and well - literally the only possible way for the SEC to release proof the company was more than 200% short was if there was massive wide scale institutional crime at all levels happening.
The banks still own the SEC and its a criminal organization - the proof is not even one person or bank has been investigated for that naked shorting crime, and even during the faked hearings Congress held they avoided the entire topic of naked shorting and diverted the discussion to safe legal topics like "gamification" etc.
1929 will repeat. The recently fired SEC chairman was personally responsible for repealing Glass Steagall, which was the law passed after the Great Depression that was supposed to stop it from repeating. the only reason to repeal that was to make sure another Depression was possible.
… dude. Gary Gensler CREATED derivatives, then used their fallout to repeal Glass-Steagall???
Wow.