Credit Suisse is one of less than a handful of institutional investors that pulled out from NWBO. (Last count of institutional investors in NWBO was around 50-60) Black Rock was another, but it looks like Black Rock simply changed which fund invested in NWBO. This is all off memory. Switzerland is, of course, where Roche is primarily headquartered. Chastening Credit Suisse may reduce volatility in some small biotech’s.
It may be they nailed “Capone" again with tax issues.
Really jogging that noggin and doing a reconstruct here:
This makes the most sense to me- "Dark Pools" are UNregulated to remain inconspicious! are are therefore developing sideshows of NYSE or NASDAQ.Their modus operandi is invest heavily in software/servers etc to get a technology edge. They need to really CRANK UP the volume to sustain institutional visibility especially for the super active hedgies. Since the naked short selling law was updated last (2009) illegal naked short selling has to face delivery of shares no more than 4 days based on a quick read. PERHAPS it's the business need of these Dark Pools to provide service to the need for their customer (active short hedgies) by cranking up VOLUME where they fabricate shs hoping? lower price when need to deliver those shares.
Pls recognize any of the above may be subject to revision as this has been a DARK AREA for me: until this NWBO situation and reading thru DesperateCapturedotcom did it remind me of what I went thru!(pre 1990 when it was sub rosa!)
BTW on your AMTRD acct: Glad you admitted recently that there were no changes in the margin requirements for NWBO!
Clearly those firms that lend out their customers shares do it as a KEY profit center for the firm. A brokerage firm makes it money from any type of underwriting; trading volume thru all sorts of security instruments and stock loan; interest income (from margin accts). As I recall, the stock loan department for the defunct Bear Stearns was one of it's biggest profit centers: Bear Stearns even offered office space to active hedgies. Perhaps the SEC and regulators turn a blind eye politically since there is so much money generated until the recent events of Barclays found along with others of rigging LIBOR rates; FX currencies etc which are many magnitudes over that of naked short sales. That's my intrepretation (subject to refinement).
Comments recently that Charles Schwab;eTrade; does not allow NWBO shrs to be marginable is to protect their customers from biotec violatility and margin liquidations.
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