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Life After the Oil Crash
Deal With Reality or Reality Will Deal With You
Editor's Note: New Rolling Stone/Matt Taibbi article on Naked Short Selling, Wall Street Criminality, Collapse of Bear Stearns and Lehman Brothers
Rolling Stone has a new article on naked short selling by Matt Taibbi entitled Wall Street's Naked Swindle that, from my initial scanning, looks like it will be worth the time to read it in full. A brief excerpt:
Great survival and disaster preparedness books:
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The full article is here, we've got a discussion of it going on over at the LATOC forum here. For those of you who missed Taibbi's last blockbuster article (on the lschemes of Goldman Sachs) you might want to check that one out as well.
Financial Collapse:
War on the Middle Class:
Housing Market Collapse:
Asset Protection:
Articles from the archives: worth a second look:
The SEC's halfhearted oversight didn't go unnoticed by the market. Six months after Bear was eaten by predators, virtually the same scenario repeated itself in the case of Lehman Brothers — another top five investment bank that in September 2008 was vaporized in an obvious case of market manipulation. From there, the financial crisis was on, and the global economy went into full-blown crater mode.
Like all the great merchants of the bubble economy, Bear and Lehman were leveraged to the hilt and vulnerable to collapse. Many of the methods that outsiders used to knock them over were mostly legal: Credit markers were pulled, rumors were spread through the media, and legitimate short-sellers pressured the stock price down. But when Bear and Lehman made their final leap off the cliff of history, both undeniably got a push — especially in the form of a flat-out counterfeiting scheme called naked short selling.
