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2008-10-15 — deepcapture.com
Predictably, the SEC has not gone after anyone in the Deutsche Bank case. Instead, it leaves the NYSE to render its “largest ever†fine – a mere $500,000, which is many millions, if not billions, of dollars less than what the bank earned from its illegal activity.
You can bet more than just Deutsche Bank was involved in this. The money center banks' hands are filthy in this mess. They turned the markets into a casino rigged heavily in their own favor (after all, they were the "house"). Isn't it ironic that they cried foul about all short selling when their own shares started to slip?
Also, despite all the complaining about hedge funds and naked short selling, no one seems to have picked up on the fact that it takes a bank's prime brokerage unit (through which the hedge fund trades) to actually pull off the naked short sales.
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