They were on the money with ISTC
Whatever happens, it’s gonna be dramatic. Should be an interesting week.
Shorting is a game built on rumour and fear e.g. start a rumour saying that anglo is running out of cash and shareholders and depositers will take fright giving the shorter a healthy profit. Combating shorters is done in exactly the same way e.g. start a rumour that X of Irish richest business are going to going to pool Z million and borrow Y million and invest it all in anglo stocks and this a. encourages other investors to get in ahead of them to profit from the inevitable run up b. scares shorters that their buy back will get more expensive and encourages them to close out their short positions c. discourages any further shorting because of the prospect of a run up in the price.
The whole article is laughable.
As Thatcher’s economic guru Alan Waters used to say, you can’t buck the market.
Panzraam, does the fact that Shane Ross wrote the article not lend it a certain credibility? Considering his article a fortnight ago:
independent.ie/opinion/colum … 46192.html
Or do you think he has been taken for a ride and that that is the revenge the ‘friends of Anglo’ are after? (Sounds like an Agatha Christie novel, if only I could remember which one!).
Also, isn’t this a form of market manipulation?
I demand that ISFRA immediately investigate these people.
So who’s gonna empty their barrel into the lake tomorrow? I’d say there’ll be a lot of toe dipping to see how hot things really are.
Definitely one for the big boys.
Couln’t find anything specific
Insider Dealing and Market Manipulation (Market Abuse)
entemp.ie/commerce/companyla … tabuse.htm
Market Abuse (Directive 2003/6/EC) Regulations, 2005 (Market Abuse Regulations)
financialregulator.ie/frame_ … in_nav.asp
Though it may hark back to an earlier scandal
Guinness share-trading fraud
en.wikipedia.org/wiki/Guinness_s … ding_fraud
That reminds me, I must give Ernest Saunders a ring and see what his cure for Alzheimer’s was and chide him for not releasing it to the public. Some people are scum and it only become apparent when they don’t take their lumps. (Hey, provost, that’s probably libel).
Oh! come on.
OW getting his April fools in a few days early is one thing, but sneaking one in just before the end of April is out of order.
They didn’t get wealthy enough to do this by being stupid enough to try it.
If they were going to do it they wouldn’t be stupid enough to announce it.
The only logical explaination is that they are hoping to scare some of the short sellers into closing out their positions with the threat of a big buy, but without the really risky step of actually buying in.
If they seriously want to try and support the Anglo Share price by ploughing money (they don’t have) into it then they need to have a chat with Norman Lamont.
This is Alamo territory. A couple of rich guys hoping to remain solvent longer than the market can remain irrational.
It’s all talk, a big game of credability chicken.
They wish - the market is being rational by pricing anglo down.
Things will get very interesting if / when the builders bank actually ends up owned by the builders.
Surely it’ll be similar to Pilots buying a chunk of Aer Lingus. Let’s not fart about investing our money in a diversified portfolio for 30 years. Let’s lose as much as we can now.
Oooh! Oooh!, If we borrow we can lose even more!!!
Fortune favours the brave!
Shouldn’t the Financial Regulator investigate this meeting? Isn’t it just the opposite of what they’re already investigating on the short-selling side?
Is there anything wrong with a couple of like minded individuals who think a company is undervalued getting together to buy it?
It might be worth looking at whether this qualifies as pump and dump. If the plan was to convince the general public to start buying Anglo in the hopes that they’d make a profit when the builders finally buy in then that’s dodgy.
It’s particularly dodgy if some of the builders already bought some shares before announcing what they were planning. And it will be incredibily dodgy if those same builders dump the stock if/when it gets a bit of a lift.
If they were serious about making a big move, they wouldn’t have announced it. I’m convinced this is a ploy to get other people to either buy Anglo out of greed, or close out short positions out of fear.
Stick to selling houses lads.
Is there anything wrong with a couple of like minded individuals who think a company is overvalued getting together to short-sell it?
If one deserves an investigation, then so does the other.
My point being, the toothless Regulator made such a fuss of the short-selling issue that they’re being hypocritical in not putting this lark in the same category.
If a group of lads want to get together to buy a bank, let them.
This mysterious “hotel meeting” that was reported about in last weekend’s newspapers shows, if anything, that Anglo Irish Bank is a synonym for “Irish Builders’ Bank”.
If Anglo ever did need funding, the government will find themselves in an extremely precarious position: if the perception is that Anglo is effectively a builders’ bank, the general public will not take too kindly to their money being used to bail these guys out (along with the affordable housing scam/scheme and all the other dodgy tricks that go in in Ireland).
Also, I don’t see how a 12% rise in an already extremely volatile bank share price in two days is such a good thing. What are the fundamental reasons for this? Anglo might as well list on the AIM.
Ah, but did you take their talk of investigating the Short selling seriously?
When banks lose 40% of their market Cap and pensions take a hit, people in charge need to make noises and be seen to be doing something.
If they didn’t cooh and cluck at the right times people might start asking why we have highly paid regulators and authorities at all.
They can’t come out and tell the truth, that they have very little to do around the yard so they busy themselves closing doors after horses have bolted.
When a share price goes up a few percent the public don’t see it as a bad thing, so those in charge keep quiet. You don’t want to be coming out cooing and clucking when you don’t need to. That attracts attention.