Tuesday, October 6, 2009

Penson Alerts SEC on Phony Taibbi Video

Developments surrounding Matt Taibbi's supposed video of a Penson trade are escalating. Penson has alerted the SEC that the supposed Penson video is not video of a Penson trading platform.

Further, Diane Tucker writing for Huffington Post, the mother of all "in" news web sites, is featuring the story, along with links to John Carney's original reporting on the story, EPJ's reporting and other's. She also has these juicy comments along with excerpts from the Penson letter to the SEC:
To tell you the truth, I haven't lost any sleep worrying about Taibbi's sloppy reporting or his obscene language. He's colorful, he's cute, he admits he'd rather be writing fiction ... oh, fiddle dee dee.

But I am intrigued by the video Taibbi posted to make his point. People who know about these things say the video is a fake ... a hoax. Taibbi claimed the video showed a Penson Financial Services transaction, but Penson has written a fast letter to the U.S. Securities and Exchange Commission alerting them that the trading platform identified in each of Taibbi's posts is not Penson's. "While we are uncertain whether Taibbi's article is the result of a hoax or something more deliberate, we are contemplating sharing our concerns with YouTube and the blogger directly," wrote Penson's associate general counsel to the SEC, in a two-page letter made available to the Huffington Post.

If all these folks are right, it begs a few questions:

-- How did "short selling" happen to catch Taibbi's attention?
-- Who slipped Taibbi the fake video?
-- For what purpose?

Well, Matt? Who's screwin' with ya? We're waiting ...
Re-read those last few questions that Tucker's asking. These are very shrewd questions. Nothing happens on Wall Street by accident. Just exactly who did bring naked short selling to the attention of Taibbi? And who took this boy for a walk deep in the woods? Do you remember what they look like, Matt?

Read the entire Huffington Post article here.

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