John gives Steve $1.00 for a banana. Steve promises to give John the banana tomorrow. Tomorrow comes and John asks for his banana but Steve does not have it to give because he never actually had a banana to sell. Steve refuses to give John his dollar back. The above scenario epitomizes how Wall Street makes its money. If you or I committed the fraud of what Steve committed we would be criminally prosecuted.
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The collapse of the US banking system in 2008 had been forecasted years before it happened by the people in this film. But no one wanted to listen. Instead our country fell apart in the Fall of 2008, the worst financial collapse in the history of Wall Street.
What is naked short selling:
It is selling stock in a public company that you do not own and you never deliver to the buyer. Honest people call this stealing. This is done daily by many big banks for themselves and/or their customers.
How can this happen in today’s environment?
30 years ago stock physically changed hands in person between a buyer and a seller on Wall Street. Today, it is done electronically. In many cases, the stock is sold electronically but never delivered. In essence, our system has trillions of dollars of stock IOU’s that will never be collected.
What is the scope of the problem?
It is the belief of many experts and others that trillions of dollars have been stolen from hard working Americans by selling them counterfeit stock that does not exist. This unscrupulous conduct still exists today.
What are the consequences to average Americans of naked short selling?
Naked short selling: a) steals money from hard working Americans by selling them counterfeit stock; b) destroys good public companies that have products that can make all American lives better; c) has destroyed millions of jobs by destroying these same companies whose stock is being manipulated.
Naked short selling has led to turmoil and unnecessary volatility in our markets worldwide by creating counterfeit shares which have destroyed companies and left wrecked lives in its wake. Big banks and their clients have been incentivized to kill companies rather than build them up as a surer way to profit but these actions also have led to massive disorder in exchanges around the world, threatening our entire financial system.