July 9, 2008
"Hedge funds, whose top 50 managers earned a total of $29 billion last year, are mostly private pools of capital whose overseers participate substantially in profits from their bets on whether the prices of assets will rise or fall. John Paulson, the former Bear Stearns Cos. managing director who founded New York- based Paulson Co. in 1994, was paid an estimated $3.7 billion, the most, according to Institutional Investor's Alpha Magazine."
Does anyone at the SEC really believe that these 50 managers--who averaged bonuses worth $600,000,000 did it with hard, honest work or by gaming the system? C'mon, enough is enough. You can't make that kind of money selling illegal drugs, which is why the smart crooks are now on Wall Street. NSS is a crime and the SEC knows it.
It's time to end naked short selling of any kind...and particularly the kind that uses the market maker exemption.
Shame on the SEC, DOJ, the Congress and any other agency that has allowed this farce to continue--the only free lunch still available in America is NSS.