You might want to watch 60 minutes tonight.
Exclusive: 60 Minutes*3-26-06
by: goodbuddy4863 (M/MICH.) 03/25/06 09:57 pm
Msg: 255952 of 255952
A Must see:
Naked Shorting hits 60 Minutes, Congress to Hold Hearings on Hedge Funds, and Unbiased Journalism? – March 24, 2006
David Patch
Fifteen Minutes of What NBC’s Dateline left in the Cutting Room Floor
To think, it has now been an eternity since NBC’s Dateline chocked on their exclusive story regarding a Wall Street scandal they once considered calling “Financial Terrorism in the US.” The reported multi-part series on illegal shorting and securities fraud that Dateline spent better than a year preparing for was reduced to a 15-minute fluff piece that was hardly worth the effort. Many believe the trimming down stemmed from self-preservation on behalf of NBC parent General Electric (NYSE: GE) fearing Wall Street retaliation.
That story of financial terrorism will reportedly unfold before your eyes but this time through a direct competitor to NBC. CBS’ 60 Minutes will air this Sunday March 26 with their own version of what lies in hiding within our securities markets. The stories the financial press have so far shied away from coverage on or covered from a singular side.
The 60 Minutes storyline:
BETTING ON A FALL – Investment pools for the very rich are known as hedge funds. One of the major ones is being accused of spreading negative information about a major company and then betting on its falling stock price. Lesley Stahl reports. Janet Klein is the producer.
This is must see TV (isn’t that an NBC line) for anybody that doubts the reality of market abuses leveraged off unscrupulous Hedge Funds willing to go to great lengths to turn a profit.
Recall earlier this month the SEC fined Bear Stearns $250 Million for aiding Hedge Funds (prime brokerage customers) in illegal trading strategies. Excerpts from the SEC Complaint include:
Linda Chatman Thomsen, SEC Enforcement Division Director, said, "For years, Bear Stearns helped favored hedge fund customers evade the systems and rules designed to protect long-term mutual fund investors from the harm of market timing and late trading.”
“On the clearing side, BSSC gave introducing brokers and prime brokerage customers with mutual fund trading business direct access to its mutual fund order entry system. This system permitted users to enter orders until 5:45 p.m. and processed all trades, regardless of when they were actually received, as if they had been received before 4:00 p.m.”
AI
