This is astounding. We didn't get our Friday surprise. I guess we didn't get the announcement of Lehman on Friday simply because they cannot work out the details to hide or cover another failure and now it appears they are planning on breaking Lehman Brothers up and selling it off.
We'll have to call it the Monday surprise which I'm sure they will try to delay for assuredly markets will tank.
Also, WaMu is wobbling, latest rumours.
What about the ban on naked shorts? With this kind of carnage going on why would they allow naked shorts? WSJ reports:
Academic studies and the SEC's own observations have led the staff to conclude the emergency act cut down legitimate short selling, according to a person familiar with the matter.
An SEC spokesman said the staff's analysis of the data suggests that extending the terms of the order across the market would make legitimate short selling too difficult for smaller, less liquid stock
Who believes that?