Well along with General Motors (GM) and General Electric (GE) I'd like to show you some new financials that no longer can be shorted
with the names
IBM (IBM)
Medco Health (MHS)
and CVS Caremark (CVS)
So next time you are in there buying your prescription, just remember - it's really a bank.
As for IBM
According to a spokesman, IBM qualifies for the list because one of its subsidiaries meets the definition of a bank, savings association or registered broker/dealer. IBM has a global financing business that includes leasing and purchasing, and also has a financial management consulting business as well.
What lunacy and abuse of a rule. Unintended consequences galore.
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4 comments:
Here's another joke from the FT-
House clears $25bn for carmakers
By Bernard Simon in Toronto
Published: September 25 2008 00:36 | Last updated: September 25 2008 00:36
The House of Representatives on Wednesday approved a $25bn package of low-cost loans to help hard-pressed carmakers and their suppliers finance plant modernisation at a time of restricted access to public capital markets.
The automotive loans are separate from the proposed $700bn bail-out for the banking sector, which is still being debated in Congress. The House approved the measure 370-58, setting the stage for Senate approval within days.
Apparently some of these brokers have expanded on the No Short List. Fidelity has taken away just about every short I've made money on this year. No solar shorts available, no gold, no silver, no coal, no ETF's. It's ridiculous. Their explanation to me was they don't have the shares available. Not even 100 shares of BIDU short are available...
FIDELITY BLOWS!
If this bailout gets approved, it will be a dark day that will be written about for centuries. The rich trying to con the poor out of what they have left. Now Buffet, the investment Jesus throws a few billion into the mix and tells the ignorant poor that the Congress needs to approve the bailout so they can backstop his play....what a shame.
Where is the class action on our SKF losses?
I don't think the US has any choice. Debts are in the hand of foreigners and they will not provide any more financing if their money is simply disappearing. It looks the US is going to need a lot more money down the road. Because who is next? Car loans and credit loan need to be bailed out. Then the weapons industry because now they may not be able to bomb Iran after all the promises they got from McCain.
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