Unconscionable Manipulation in the Stock Market

 

Last week casino owner and billionaire Steve Wynn admitted something that few people on the inside are every willing to acknowledge. He clearly stated that stock market can be manipulated using the very loopholes that we identified at work in the 2008 collapse, including naked short selling, dark pools, and high-frequency trading. Here are some quotes from his recent conference call:

“…the exchanges don’t enforce the rules of naked shorts. So, I mean, it’s unconscionable manipulation of the stock that occurs. They open up every morning, and the high-frequency traders in the shorts have a ball selling shares, and then value buyers step in the afternoon and they cover the shorts. I mean, it’s regular casino activity.” The company currently has about 14 million shares short, or almost one-quarter of total float.

Steve Wynn: Economic recovery ‘pure fiction’

If you’d like to get a better idea of what the true level of unemployment is, check out this U.S. Bureau of Labor Statistics table… ‘U-6’ is what you want to see. Please also note, the methodology for coming up with these numbers was changed some years ago and still do not represent the true rates, which as Wynn says, are around 15% – 20% unemployment. Definitions have changed and some factors have been left out. For the foreseeable future, this is likely the most truth you’ll get from the government.

You can see the worthwhile 26 minute Steve Wynn’s KNPB interview HERE.

 

Las Vegas icon says don’t believe government stats on jobs, inflation

One of America’s most astute businessmen, known for having expanded the Las Vegas strip of resort hotels and casinos in the 1990s, says the U.S. remains mired in an economic funk and any talk of a broad recovery is “pure fiction. A lie.”

Steve Wynn,  the 73-year-old founder and CEO of Wynn Resorts, made the comments in a televised interview with Jon Ralston of PBS’ “Ralston Live.” He opened the Wynn Hotel and casino in Macao, China, in 2006, and is known as an international gaming and casino magnate.