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Geronimo

6/18/2014

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While it’s no secret dark pools exist, the business that takes place in them is equivalent to that done within a secret society.  During a time when the SEC is calling for transparency, it’s ironic that a dark pool operator would be fined for revealing too much.  Liquidnet was fined $2 million for allowing a separate business unit to access confidential information about customer’s trades.  The information leaked to the other unit would have helped them grow on another platform.  The SEC is calling for greater details on dark pool transactions to be released to the public, not to other business units within the dark pool operator.         

This tomb that they gather in to conduct their secret business is available to members only.  In order for securities to be exchanged here, a buyer and seller must both be present at the same time.  Otherwise, it is nothing more than a missed opportunity. 

Dark pools are an alternative trading system within the market, but are not affiliated with public trades.  They were originally intended to allow large exchanges for the best price.  Buying or selling mass amounts of securities would cause the price to fluctuate on a public exchange, but doesn’t have the same effect during the processing of a trade when done in private.  Brokerages and large banks often run these dark pools.  In more recent times exchanges are being allowed in amounts that are considered average in the public market.  With a great deal of the trading taking place on a private venue, tougher regulation may be necessary to avoid a crash. 

The SEC has been looking to make the dark pool venue more transparent.  Currently the general public doesn’t notice bones that disappear through a dark pool until they’re gone.  Greater scrutiny of these secret societies is one way to protect bones from those who plan to steal them.  

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Penalty Stroke

6/4/2014

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There is a difference between playing the stock market and playing it right.  The FBI and SEC investigate the participants when they feel they aren’t playing fair.  The Wall Street Journal broke the story about the insider trading investigation on Friday, May 30, 2014, involving Phil Michelson, William Walters, and Carl Icahn.  It must be a tough case to prove, since it’s in regards to some trades made during the summer of 2011 and charges have yet to be filed.   

Gambler William Walters is the man that links investor and activist, Carl Icahn, to Golf Pro Phil Michelson.  “Billy” is an accomplished sports better who befriended Mr. Icahn during a time when Mr. Icahn’s company owned the Stratosphere hotel and Casino in Las Vegas.  “Billy” owns several golf courses in Las Vegas, and is an avid golfer himself.  He’s been known to golf with Mr. Michelson and occasionally offer some stock tips.       

If the gambler did advise Phil Michelson on when to fold them, it had nothing to do with betting.  It was just an after thought on a laundry tip.  The best way to keep a white golf shirt looking new is with a ½ cup of Clorox and some hot water.  Neither the gambler, nor Phil Michelson had any idea that buying Clorox in 2011 would put them in a world of hot water.     

Mr. Icahn purchased stake in Clorox during the summer of 2011, after “Billy” and Mr. Michelson had bought in.  The investigation revolves around whether Mr. Icahn advised “Billy” of non-public information involving his upcoming bid for the company.  If “Billy” then made mention of that bid to Mr. Michelson, then he also stood to profit with inside information.  After purchasing stake in Clorox, Mr. Icahn pushed the company to sell out to larger corporations.  When that didn’t take place, Mr. Icahn offered to buy for $80, later switching his offer to $78 per share.  Clorox didn’t accept and Mr. Icahn walked away.  (Schaefer, 2013)

The well-known investor is an avid poker player and can apply the same skill to his other vested interests.  That skill of “knowing what to throw away, and knowing what to keep” (Schlitz, 1978), has made him a billionaire on Wall Street.  When Mr. Icahn buys up stake in a company, it’s common for that stock price to increase.  Part of this may be contributed to the fact that buying a large stake in a company increases demand, driving the price up.  Another contributing factor is his respected status as an investor.  He’s made billions on Wall Street; some folks will follow his lead.  As for his Clorox bid, Carl Icahn lost when Clorox shares increased buy 24% after he pulled out.  However, the real penalty may be yet to come if any of these big three are convicted of insider trading.       

Works Cited 
Schaefer, S. (2013, 05 23). Clorox Chief Talks Dividend Streak, Future Growth And How Icahn Missed Out. Retrieved 06 04, 2014, from Forbes: http://www.forbes.com/sites/steveschaefer/2013/05/23/clorox-chief-talks-dividend-streak-future-growth-and-how-icahn-missed-out/
Schlitz, D. (1978). The Gambler. (K. Rogers, Performer)

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    Author

    My banter was on current affairs and ran from 2011 - 2016. I currently enjoy writing satire and horror shorts.

    I chose themes to run against each current event to bring some entertainment to my Banters. I began writing the banter in February 2011, and wrote my last in February 2016.

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