QUOTE(Herschelkrustofsky @ Sat 18th November 2006, 1:37am)
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.
QUOTE(Herschelkrustofsky @ Sat 18th November 2006, 10:09am)
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.