Some of the financials are having some wild swings today, volume is huge. STT has a day range of 29 to 68
I think the regulations on short selling need to be addressed, admittadly I am not an expert, but with the internet and all the day traders, they have too much immediate influence and and ability to start a panic. I would follow suite and ban it...for a while at least. DD
it's not short selling that got us into this mess. it's derivatives - particularly those based on things that can completely disappear - pieces of mortgages particularly sensitive. the gov't needs to regulate derivatives - and the amount of risk a financial instituation can take. Also, there should be criminal laws passed that prevent abuse of financial systems in a way that could lead to bankruptcy. People who make high risk investments should do so with the financial institutions full knowledge and blessing - and the risk should be reported for all investors, shareholders, and the public to be aware of. transparency, oversight, and criminal law to punish those who abuse the markets to make millions for themselves while costing our economy trillions.
guess what 3 of their largest holding are.... GS MS BK it was crazy because it was like the street didn't figure this out until today. when they did it caused a massive selloff due to the fundamental value of stt dropping and then it caused a general panic because no one wanted to step up to buy. I've seen that kind of panic the past few days. anyhow outside of those equity losses stt has one of the best bank balance sheets around. crazy stuff...
