Good Lord, what a stupid thing for her to say. She is an absolute all around idiot. She lies on her resume, says stupid things and makes ridiculous predictions with no facts. Just the kind that always appeals to the Xers. Its all too, too funny.
1) More shocking yet (and I can send the back-up data on this) is that on an average day, 72% of the FTD’s are in stocks that are on the Reg SHO list. Some protection.
2) How bad a problem is this?
a.You understand that $1 million of toxic waste does not cost $1 million to clean up: it may cost much more. Similarly, a broker holding a 10 million share FTD in a $1 stock may carry it as a $10 million liability, but if he has to clean up his fail, and buy-in 10 million shares in a stock trading 50,000 shares/day… it may cost him $10 million, but it could just as easily cost $100 million.
b. Put that together with the $8.5 billion number above. Cleaning it up will not cost $8.5 billion. It could cost $18.5 billion, or $80 billion… No one has any idea.
c. The CNS failures are just one part of the equation. There is also broker-level “pre-netting”, fails resolved by the DTCC Stock Borrow Program, ex-clearing, and failures coming in from off-shore clearing systems. Everybody who will talk from within the system says that collectively, these are a far bigger (the estimates from within the system are $30 - $190 billion, depending upon who is speaking)
Ah Those pesky CMKXers are even getting to Fox Business reporters..LOL
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