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Author: Hannibal100 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 18787  
Subject: Re: The Fool jumps ship Date: 3/12/2006 11:24 PM
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Recommendations: 16
Trash,

Do you and your ilk really not understand yet that your simpering "Oh my god people are laughing at you don't you know what are you going to do they're laughing oh my god people are laughing" could never affect a man like me? Has that really not sunk in on you guys yet? Have you been paying attention at all? Have I shown any evidence of caring what a poodle like you laughs at?

As far as the multiple-lending argument: the DTCC swears they do not let it happen. They will not describe the mechanism that they would need in place for it not to happen, and no one believes them when they say it anyway, but just for the record, your whole multiple-lending argument falls flat because it misses that point.

In fact, I should point out that it is my argument, not your argument: though it is against the law and their stated rules, the whole NSS movement takes one of its main points to be precisely that such multiple-lending does occur, and hence, the number of share entitlements can grow far in excess of actual shares. The actual number, incidentally, is not really, "infinite": according to some, however, it is 15-20.

"Bed & breakfasting" shares: are you familiar with that term, ET?

Oh, by the way: you keep using the 19 million outstanding shares in your arguments, which is one of the things I consider them so dumb I do not respond normally (someone emailed me this tonight, with a message that "ET sure seems to hate you"). In any case, returning to the real world for the moment, the DTCC only has 8.7 million OSTK shares in its vault. We now have a reported short interest of 8.9 million: short interest is thus 103% of float. As far as the stated rules of the DTCC are concerned, we have accelerated through the speed of light. They have said that this situation is impossible. Now it has happened.


Now think up some more simpering statements about my math, Trash. If any observer thinks there is one that is not bonehead enough that it deserves a response from me, just let me know.

Patrick

PS Incidentally, I don't believe the 8.9 million either: I think that the failed short sales plus the failed long sales + ex-clearing and overseas fails bring our true short interest up to 22 million: some smart observers say I am nuts, and that it really is 60-80 million. We'll see if I can ever get the DTCC to get in the ring with me.

PPS Big story breaking next 24 hours. Stay tuned.



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