Gotham City Research, after besting Gowex in a mere week, has decided to thank the Spanish people for their support, and address investors, doubters, haters and indeed all those who care about short selling and fraud. While quoting, of course, Batman:
It is not who we are underneath, but what we do that defines us.
“The recalcitrant scum of the earth, I believe?”
“Ah, the vultures of global usury, I presume?”
To commemorate the beginning of negotiations in New York later on Monday between Argentina and Elliott… Read more
Live markets commentary from FT.com
Banks face higher capital requirements || Western banks start to pull senior staff from Iraq || Holcim and Lafarge lay out disposal plan || German industrial output fell in May || Stocks down Read more
Gotham’s success in exposing alleged fraud at the small Spanish company Gowex — which filed for bankruptcy at the weekend as its founder admitted to falsifying accounts for the last four years — is likely to prompt some cheers for the plucky short sellers of the world.
Rather than reheating the debate about the merits of short selling, a sometimes icky business thoroughly defended in 2008 and 2009 (here, here, here and here, for instance) how about a different question to which we’d like to know the answer. What examples are there of actual market manipulation that have stuck to the shorters? Read more
Elsewhere on Monday,
- Crumbling monuments to Titan and Atlas that moulder unseen and uncelebrated.
- A sovereign Texas-North Dakota would be the world’s fifth largest oil producer.
- Nine out of ten internet users caught in NSA nets are not tuna. Read more
Markets: Asia-Pacific equities drifted down from last week’s six-year high, following a dearth of news in the region and US markets’ closure on Friday for Independence Day. Key events this week include the start of the US earnings season, Japanese trade figures on Tuesday, China inflation data on Wednesday and Australia’s monthly jobs report on Thursday. (FT’s Global Markets Overview) Read more