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I have to admit that I’m not too powerful when it comes to understanding the intricacies of financial markets. It probably isn’t the best practice to get financial education from The Rolling Stone but this item is shocking.
I’d like to know if this is simply sensationalism or are these circumstances as damning as they appear to be? Do those among us with a more sophisticated perspective have an opinion about this?
It is a long article but, as they say, riveting.
"[SIZE=+1]O[/SIZE]n Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst."
Wall Street's Naked Swindle : Rolling Stone
I’d like to know if this is simply sensationalism or are these circumstances as damning as they appear to be? Do those among us with a more sophisticated perspective have an opinion about this?
It is a long article but, as they say, riveting.
"[SIZE=+1]O[/SIZE]n Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst."
Wall Street's Naked Swindle : Rolling Stone