Have a read over the piece and you can get an idea of the breed, say like NYSE chief Duncan Niederauer, that inhabit so much of Wall St. One quote from the piece in particular caught my eye;
“We weren’t cheated by an individual, it was an organized scheme,”
Hmmm just like the housing ponzi we had over here, no?
An organized scheme.
Can you imagine all the malfeasance, fraud and outright thievery we have experienced and not one behind bars. Mind boggling no? Unless you were part of the ponzi. Top it off with a bailout which was akin to robbing the bank the day it reopened after it closed from your first robbery. Brazen I tell ya. Organized scheme from top to bottom.
Don't for a second think those Chinese are the only ones sitting on losses from all this reverse merger garbage. All the momo boyz over here were all over this crap. The difference over there is the people don't sit on their duff eating Doritos and drinking Dr. Pepper when they get stiffed. No they tend get up and take to the streets with their pitchforks.
This is all the more comical given the pronouncements about how our exchanges are the envy of the globe. The purported creme de la creme of the capital markets. How dare one want to list let alone trade one of those unruly, populated by scoundrels, wild west bourses like the Kazakhstan Stock Exchange or the Mongolian Stock Exchange. Sure, why would you when you can get jobbed right here at home without the jitney fees and all the long distance hassle. A smooth hasslefree shakedown, right Duncan?
I love it when Duncan gets on CNBC from the floor of the NYSE and tells us all how liquid, how transparent our markets are. How respected and coveted a listing is on the NYSE is. Well, it may have been once upon a time, until we started paying out on quantity vs quality with the NYSE chiefs (past and present) selling out for listing fees(which get you bonus') to Chinese pieces of shit.
Am I being to harsh on Duncan? Maybe.
I am sure he will argue that its not his responsibility to vet these listings, that is the job of investors and their commissioned/fee brokers and advisors. Okay. I'll bite at that, just don't tell me over and over again that your bourse is the most transparant the most above board around. Just have the onions to come on and tell me that you list for fees and its everyone for themselves, caveat emptor. Then I will say, hey, the NYSE's Duncan over there had a great year doing what he does, listing stocks on his exchange. My problem is when the alley cat tries to pawn itself off and a pure bred Persian (or something like that but you get the picture).
Actually, when you stop and think about it, these Chinese listed reverse merger stocks fit in perfectly with so many purported blue chip listings on the NYSE. Parameters like accounting standards you can trust huh?
You mean like AIG writing policies they had no hope in hell of honoring.
Enron? Well that speaks for itself.
Bear Stearns? Ha ha. too funny. Lets ask Cramer that one.
Lehman Bros.? Sure, shorts were way off base on that gem.
Citi's structured investment vehicles or SIVs as the Ivy league the MBA's call them?
Yes the NYSE is a bastion of transparency and propriety. No bookkeeping shenanigans going on at all. Makes me think of the boiler rooms the cufflinked Wall St. boyz ridicule. Well, at least people had a fighting chance with a boiler room, at least you knew you were in a den of thieves and never got ambushed.
Now couple all this with an SEC that can do basically 2 things.... surf porn and destroy evidence and yes Maria (Bartiromo) we have the makings of capital markets that only a moron would question the integrity of.
You'll have to excuse me now as I'm off to investigate seat pricing on the Colombo Stock Exchange in Sri Lanka.