jfs/139; miscreants? the gov’t has the tapes on the naked shorting in that Panic of 08 week in September. That’s getting to be a long time ago –and STILL we have the same sort of trigger pulls as yesterday?

but re the ancient history miscreants of ’08, Matt Taibbi has even publicized the one guy –presumably at Bear –who –well you know ‘puts’ are an option to go short, and are sold with 9 month terms to expiration –well if a ‘put option’ is a week or two from ex date the so-called ‘time decay’ is almost total on an ‘out-of-the-money’ strike price. so you can buy ‘em for next to nothing, if you want to take a wild flyer like you’d bet the loooong shot at the track, but only for pocket change.

well, Taibbi’s tip was that one of these insiders naked shorting their own banks (imho trying to collapse the stock price and get rich while forcing a banking system nationalization –nice job if you can get it, it’s not crime –not even greed –because its ideology, see?) bought a million plus bucks worth of these ‘decayed puts’ on Bear, puts that could only go ‘in the money’ if Bear’s stock completely and unprecedentedly collapsed in the next few days –which, whaddaya know, it DID, and he made 270 million dollars on his week-long hold.

Now here’s the point –the gov’t KNOWS WHO THIS GUY IS –and fifty others like him who didn’t happen to generate a confidential tipoff to Taibbi. But you don’t know who he is, and i don’t, and the NYTimes doesn’t, and the DOJ *surely* doesn’t, it’s too busy protecting the rights of Yemeni Al Queda soldiers.

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(thanks!)