WordBomb finds the definitive on-Wiki Mantanmoreland evidence -- erased! Options

[guy]

Let's at least say welcome to Gomi. Nice to have a millionaire among us!

[TabulaRasa]

I believe Jimbo made his money (with which to fund WP) on the Chicago futures exchange.

[Herschelkrustofsky]

I believe Jimbo made his money (with which to fund WP) on the Chicago futures exchange.

Here's an anecdote from my ancient history. When I was in high school, there were two guys who graduated one year ahead of me, who were widely regarded as the brainiest guys in the school. They were accepted at the University of Chicago. A couple of years later, I ran into them again back in my home town. I asked them what it was like, attending the U of Chicago. They told me, "we got busted." I asked them, incredulously, why? "Selling heroin." I asked for more of an explanation. They said many of their classmates were dealing smack, but it wasn't a big thing, it was just a stepping stone toward trying to get a seat at the Chicago futures exchange.

[Somey]

This post features the entire array of rationalizations that are customarily trotted out to attempt to justify activity that is entirely parasitical.

That may be, but there's a difference between "parasitical" and "malevolent," isn't there? I mean, to some extent, you could say the entire system of stock trading has become parasitical. What was supposed to be a centralized, efficient way to provide capital to businesses, in exchange for taking on some of the risk involved, has become a minefield of shady manipulators and backroom deal-makers - and it isn't just the short-sellers who are doing it, either.

Also, it's true that I failed to include anything about the "Failure-to-Deliver" problem, and to some extent I didn't really understand the real meaning of "naked" in that context... Sorry about that (I'm not much of an investor - I even bought Tyco at the worst possible time, for shit's sake!) Still, people sell things they don't have possession of (or title to) all the time, and it isn't always illegal or even immoral, as long as they can produce the item sold within an agreed-upon time or provide a refund if they can't. But Weiss (and the people he works for) don't necessarily do that, and that seems to be the key difference here.

They said many of their classmates were dealing smack, but it wasn't a big thing, it was just a stepping stone toward trying to get a seat at the Chicago futures exchange.

Interesting... But to be fair, heroin dealing is probably a good way to get your foot in the door with all sorts of professions.

[Poetlister]

I believe Jimbo made his money (with which to fund WP) on the Chicago futures exchange.

Didn't he make it from BOMIS?

[LamontStormstar]

I believe Jimbo made his money (with which to fund WP) on the Chicago futures exchange.

Didn't he make it from BOMIS?

His pr0n site was after.

[Somey]

Didn't he make it from BOMIS?

I can't imagine he and Tim Shell ever made much money from Bomis.com... There's just too much competition in the soft-core porn link-farming industry. That was just their way of trying to gain more social respectability, after having been options traders and all.

[gomi]

As I noted above, short-selling by itself is the product of an efficient market.

This post features the entire array of rationalizations that are customarily trotted out to attempt to justify activity that is entirely parasitical.

... <snip> ... the banks are carrying $119 Trillion of financial derivatives on their books. As a point of reference, the annual output of the world economy is about $45 Trillion. The world financial system is in fact bankrupt. The mentality that Gomi defends is responsible.

Mr. Krustofsky is certainly entitled to his opinion about the ethics of world financial markets, but if you're going to succesfully argue with Gary Weiss/mantanmoreland, it is important to know the difference between (legal) short-selling and (illegal and unethical) naked short-selling.

[gomi]

Let's at least say welcome to Gomi. Nice to have a millionaire among us!

Thank you. Somehow I feel I've been here forever ....

[Herschelkrustofsky]

... but there's a difference between "parasitical" and "malevolent," isn't there? I mean, to some extent, you could say the entire system of stock trading has become parasitical. What was supposed to be a centralized, efficient way to provide capital to businesses, in exchange for taking on some of the risk involved, has become a minefield of shady manipulators and backroom deal-makers - and it isn't just the short-sellers who are doing it, either.

Yes. That's why financial transactions of all sorts should be regulated up the wazoo, as they once were. Taxed up the wazoo, as well.

Mr. Krustofsky is certainly entitled to his opinion about the ethics of world financial markets, but if you're going to succesfully argue with Gary Weiss/mantanmoreland, it is important to know the difference between (legal) short-selling and (illegal and unethical) naked short-selling.

I see your point, although I think that there are a lot of financial machinations that manage to be both legal and unethical. Didn't Al Capone make the argument that if his activities were simply legalized, the crime rate would drop dramatically? And while we're on the topic, did it strike anyone else as a bit eerie that a commentary by Milton Friedman appeared in the Wall Street Journal just around the time that he kicked the bucket? As a friend of mine noted, it gives a new meaning to the expression "ghost writer."

We're not off-topic, are we?