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- All this week I've been seeing lots of bearish bus drivers and the occasional passenger as well.
- This morning my cow-orkers and I were having a conversation about Burn After Reading in which my ex-boss recommended people see the trailer and skip the film because the best parts of the film are all in the trailer. So, speaking of spoilers, I pointed out the two T-shirts that T-Shirt Hell advertised right after one of the Harry Potter books came out that read "[so-and-so] dies on page [such-and-such]; I just saved you [this many] hours and [this much money]", with the US version bearing one page number and a price in dollars, and the UK version having a different page number and a price in pounds. When he asked why the US and UK versions had different page numbers, my cube neighbor pointed out that the words in the UK are longer with the extra "u", as in "colour", etc.
- Speaking of films, I keep wanting to call this one Mountlake Terrace ;-) (This is a neighborhood just over the county line between Shoreline and Lynnwood, north of Seattle proper.)
- Over in soc.motss, someone posted his surprise at hearing the "Flute Concerto" by "Jacques E. Bear" performed by James Galway. Looking at the program notes he discovered the composer's name is Jacques Ibert. Sort of reminds me of the first time I saw Chantal Hébert ("Eh, Bear") on "At Issue" on the CBC's The National.
Sep. 18th, 2008
I learned a new financial term today.
Sep. 18th, 2008 10:44 pmNaked short selling. No, this is not about day-traders operating over the Internet from the privacy of their homes without a stitch of clothes on. ;-)
In an ordinary "short sale", an investor borrows stock from a broker, then selling it on the open market in hopes that by the time he must return the stock to its owner, its price (at which he must re-purchase the stock to return) will have fallen enough that the proceeds of the initial sale will cover the repurchase and the fee charged for borrowing the stock, and leave some residual sum as profit. The broker may in turn borrow that stock from a customer, sharing a portion of the loan fee with the customer actually owning the stock.
A "naked short sale" is one in which either the broker fails to deliver the stock that was borrowed, or the investor didn't even bother borrowing the stock in the first place. If done intentionally, this is considered illegal, and may be prosecuted as securities fraud in several jurisdictions including the US and the UK.
In an ordinary "short sale", an investor borrows stock from a broker, then selling it on the open market in hopes that by the time he must return the stock to its owner, its price (at which he must re-purchase the stock to return) will have fallen enough that the proceeds of the initial sale will cover the repurchase and the fee charged for borrowing the stock, and leave some residual sum as profit. The broker may in turn borrow that stock from a customer, sharing a portion of the loan fee with the customer actually owning the stock.
A "naked short sale" is one in which either the broker fails to deliver the stock that was borrowed, or the investor didn't even bother borrowing the stock in the first place. If done intentionally, this is considered illegal, and may be prosecuted as securities fraud in several jurisdictions including the US and the UK.
