New York Times:
David Einhorn thinks another big Wall Street bank is headed for trouble -- and he is not being quiet about it.
For eight months now, Mr. Einhorn, a rabble-rousing hedge fund manager, has pilloried the venerable Lehman Brothers in an effort to drive down the bank's stock price, which he is betting against.
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The tragedy is that " short " selling is allowed at all. The article states " to drive down the bank's stock price, which he is betting against". Wall Street should be the heart of the Nations pride and stability, not a Las Vegas Casino. People are investing, not betting. Artificial efforts to drive stock prices down happen all the time because a handful of investors profit. The problem is the Nation loses. The Company , the employees, and the lion's share of the stock holders want the price going UP. The basic concept is that if the Company profits the share holders will PROFIT , not loose money. The stock price should go up and down determined by the performance of the Company, not wild speculation & " betting" against the Company.
Nobody is in trouble. All they have to do is suck up to the Fed and the rest of the insiders to get a bailout or a buyout. We should end up with five or six big Wall Street financial firms controlling everything.
Just imagine if SS was turned over to these people as our jackass prez pimped for, jet-hopping around the country on our dime appearing in front of hand-pick pubbie-loyalists.
WI, they've already taken our SS. They just snuck through the back door to do it.
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First Posted: 06- 3-08 11:22 PM | Updated: 06-11-08 05:12 AM