Wachovia (WB) fell 5.38% to $13.73, Lehman Brothers Holdings (LEH) was down 10% at $15.35, Goldman Sachs (GS) fell 3% to $172.90, Morgan Stanley (MS) was off 4.5% at $35.09, Merill Lynch was off 11.6% at $24.33, JP Morgan Chase (JPM) was off 4.71% at $37.66, Bank of America (BAC) fell 5.14% to $28.06, and Citigroup (C) was off 7.6% at $17.43.
Note: Lehman, Goldman, JP Morgan, Bank of America, Citigroup are all stocks that were on SEC's new anti-naked short selling regs, whch Charmain Cox now admits were not impacted by naked short-selling in the first place. Says Cox,
The SEC’s emergency order is not a response to unbridled naked short selling,which so far has not occurred,[in these 19 stocks], rather it is intended as a preventative step to help restore market confidence at a time when that is sorely needed.
You get it, don't you? It was a preemptive strike, sort of like GW's strike on Iraq to end Saddam's non-existent WMD program.
Obviously, the one thing this financial meltdown is teaching us is that if you want protection, you should go to the Mafia, not Chris Cox.
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