Here's some correspondence with Carrie, so you can see which bits the WSJ thought 'interesting' and likely to sell more papers.
<To: Lee, Carrie
Subject: RE: The Great Globalstar Memorial Day Massacre
Sorry for the delay Carrie. We're having painting done and I had to move
the puter for a few hours.
From what I can gather, I don't think the idea of people moving their
stock to cash accounts is manipulative in any illegal sense. No more so
than any other recommendation, such as George Gilder gives, secretly to his
subscribers, that such and such a company is a great buy. It even has a
name, the Gilder Effect. Check that out for manipulation. Why, even the
Wall Street Journal writes articles, such as Jacobs Patter, which they KNOW
will move prices of companies.
I think what is illegal, is conspiring to move a price secretly to personal
gain by trading on those secretive and manipulative price moves. I wrote
a post in the GGMDM stream explaining some more.
To ensure I stay well inside the law, if it exists on this, I don't plan on
buying or selling over the next month anyway.
It's all in public too, so anyone act in any way they see fit.
Companies buy their stock back, and individuals promote that idea, with the
intention of moving the stock price up. Companies such as QUALCOMM issue
stock when a listing is announced for the S&P 500. The listing of a stock
in the S&P 500 is not illegal, even though that is highly manipulative of
the share price.
So far, nobody has said that it is illegal for a bunch of investors to
decide that it is a good idea to protect their investment by moving stock
to a cash account to reduce irrationally exuberant selling of that stock.
Why, even Alan Green$pan quite deliberately manipulates markets by raising
or lowering interest rates.
I and my family and friends own stock in Globalstar Telecommunications
Limited and QUALCOMM Incorporated and have done since 1995 and 1994
respectively.
I have never sold a share of either. Neither do I intend to [not until
they are each $1000 a share or something else changes dramatically]. I
have bought more from time to time and most recently filled my Tonka-Truck
with Globalstar stock at $15 just before the latest serious drops.
I've written those details in the streams of consciousness in SI.
If this is illegal, I'd really appreciate some guidance as to why you think
so.
Bye for now,
[ask more questions if you like]
Maurice
Which was in reply to this from WSJ's Carrie Lee
At 04:16 PM 5/10/2000 -0400, you wrote:
>got your message, thanks. I am curious as to whether you have concerns over
>the legality of the board you started. Some could construe this as stock
>manipulation, or at least an attempt at it. I'm also curious as to your
>GSTRF stake. Will you comment on either?
> |
