Zeev... "Jack, in fairness, every poster on SI, bull or bear could be subject to liability because some lurkers or posters acted on a wrong advice, or even on half an advice."
Zeev, What you are talking about is quite different. If your were to fabricate and write a story claiming that it came from a credible source such as The Wall Street Journal or Forbes Magazine, using their identity, and that act causes financial harm to some person, then you would have to be held responsible for this is an illegal act. This is quite different than you, me or anyone else making off-the-cuff remarks that someone acted upon.
Bilow knew exactly what he was doing. He just doesn't make a mistake like this... not unless he had a purpose in mind. Personally I think that his ego led him to believe that he could cause a swing in the market. He realized that his time was running out. That the trial or a settlement would bring a close to his last chance to make some quick money, regardless of how Rambus ends up. If Rambus lost or won, he could still make money. At the present time, while Rambus is being hammered every which way, he took the approach that he would be to knock it down further. After all, Rambus is the company that you love to hate, according to all the bears. What better way to attempt this move than to use a published article from the AMERICAN BAR ASSOCIATION? You can't get any more credibility than that. Just write the story, and post it at the right time so the word gets out to insure early downward movement. Just make sure you have your bets in place. But something went wrong and it backfired. Maybe he got a call from his friends telling him that the timing was bad, or maybe the bets wern't in place. He tried to delete the post but he was too late. His next move was to play the "just kidding" game, the parody game, and that was the reason for his second post.
Anybody that feels sorry or bad for Bilow, or thinks that they could be in his same position, is very wrong. |
