Board-Ansicht
Mix-Ansicht- Bill Fleckenstein zum PPT - Minicooper, 08.04.2003, 00:26
- Bill Fleckenstein zum PPT UND hier Nelson Hultberg - CRASH_GURU, 09.04.2003, 10:02
Bill Fleckenstein zum PPT
-->Aus dem heutigen"Market Rap" von Bill Fleckenstein bei RealMoney.com. Schon deshalb interessant da Fleck ein professioneller Short-Seller ist und man eigentlich denken sollte dass er für solche Verschwörungtheorien (noch eine..) empfänglich wäre. Ist aber nicht so.
Paper Trail, to No Avail: Now, I'd like to discuss a subject that prompts many reader emails, and that is market manipulation, otherwise known as the"plunge protection team." Lots of people think that market manipulation goes on, and that the President's Working Group on Financial Markets is involved every time the market mysteriously rises. I have a view on the subject, but the time to articulate it here in the Rap just never seemed right until today. That view is closely encapsulated by John Mauldin in a piece titled"The Plunge Protection Team," which I read over the weekend on www.investorsinsight.com. Obviously, if this is taking place, there certainly must be some trades that would produce a paper trail. I especially like the fact that he was willing to put his money where his mouth is, as you'll see below:
"You could not keep something of this size secret. Period. The orders would have to be entered somewhere. The theory is that Goldman Sachs or Citibank (or pick a firm) is part of this conspiracy. That means that multiple traders and officers would have to be in the know. You cannot mask trades of that size because it would essentially be the largest hedge fund in the world. Someone would spill the beans. Can you imagine the signing bonus from a book publisher if you could prove the existence of the PPT? I hereby offer a $100,000 advance against 50% of the royalties to anyone who can 'show me the trades.' Give me names and dates. I will write the book, and we both become famous."
He continues:"Further, can you imagine what political hay the opposition political party would make of the proven existence of a PPT? Do you think that the Dems wouldn't love to embarrass Bush with 'proof' of his manipulation of the market? Can you imagine Newt Gingrich or Tom DeLay (Republicans) not beating up Clinton and Robert Rubin for crimes against the market and for losing billions of dollars of taxpayer money? If the President's Working Group was really the PPT, do you think every former SEC and CFTC Commissioner (and there are maybe a dozen) would all keep silent after they are out? Do you think their wives (or husbands) would not tell all in a divorce hearing? Do you really think that Harvey Pitt would have allowed George W. to fire him if he could blow the whistle?"
No Smoking (Gun) Section: Of course, this is not proof positive that manipulation does not occur in the form of some nefarious government agency. However, I think his points are the key stumbling block to the arguments of those who believe that manipulation does exist. In the 15 years since its inception, one would think that if the President's Working Group on Financial Markets were engaged in plunge protection, somebody would know about it.
Quelle (Abo erforderlich):http://www.thestreet.com/p/rmoney/marketrap/10078757.html
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