Stockgate: The Big Picture
By Mark Faulk
Oct. 10, 2005
The villain here isn't naked short selling, it's simply the tool used to fleece the victims. When a murderer bludgeons his victim to death with a club, it isn't the club that's at fault, it's the murderer himself. When a psychotic killer goes on a shooting rampage, it's not the gun that goes on trial, it's the killer himself. And so it is with naked short selling. Sure, the trading system is set up to invite corruption, and undoubtedly, there are loopholes big enough to drive a Brinks truck through in our securities laws, but the problem is far bigger than that. This isn't a major scandal perpetuated by small time con artists, and it's not a few isolated individuals taking advantage of the system.
I repeat: I was wrong. Somewhere along the line, a few months ago, the dots all connected, forming a perfect picture of a scandal that is anything but disjointed, a scheme that is anything but haphazard. This is the most elaborate financial scheme that the world has ever seen, and the players are interconnected on every level, from those who set up the schemes and those who perpetuate it in the trenches, to those who have allowed it to flourish by creating a system that invites corruption. Trillions of dollars have been literally ripped off from the middle-class investor, and transferred to the pockets of the ultra-wealthy and their seedy partners in crime. And along the way, at every level, every step, each of the culprits, every one of the "dots" get a cut of the loot by doing their part to perpetuate the crime.
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