September 28th, 2008

Evil Short Sellers Part II

The hysteria against short-selling of shares is as crazy as was the political hysteria against long-buying of oil. Every trade has to have a buyer and a seller, how else could a market function? Nevertheless journalists didn’t take long to figure out that they could compare the FSA register of declared short sellers against the Electoral Commission’s register of donors.
Lib Dem Lord Oakeshott is up in arms as a result about the Tories taking money from people who buy and sell stocks. Before he says something he regrets he should have a word with one of the party’s biggest donors, Paul Marshall who is worth some £300m. Marshall also funds CentreForum, the orange tinged think-tank. His donations are well into seven-figures.

He is half of Marshall-Wace, hedge fund managers, who are evil speculators who, whisper it softly, short shares! In fact they have a reputation amongst City brokers for having a particularly high churn. Just as well given the hundreds of thousands of Marshall’s profits that have ended up in the LibDem’s coffers.

The Labour Party as well as individual politicians like Hilary Benn have also pocketed plenty of money from hedgies. Let he who is without shorter’s profits throw the first regulation…



Seen Elsewhere

Greens are UKIP for Young People | Telegraph
Short-Termism of CCHQ | ConHome
May Aide: CCHQ Are Being Misleading | Telegraph
Tories Planning For Second Election | Guardian
We Are Losing Cyber War | Fraser Nelson
Osborne Aide Lands Pay Rise | Mirror
The Sick Of It | Sun
UKIP MEP’s Welfare Hypocrisy | Channel 4
Rise of Angela Merkel | New Yorker
May SpAd Removed From Candidates List | ConHome
Clodagh’s Law | Press Gazette


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The Economist asks Tony Blair about Wendi Deng:

“Mr Blair roundly denies any impropriety. Asked whether he was (at least) careless about his reputation, he says calmly that it is “not something I will ever talk about—I haven’t and I won’t”, and then bangs his coffee cup so loudly into its saucer that it spills and everyone in the room jumps. But did he find himself in a tangle over his friendship with Ms Deng? A large, dark pool of sweat has suddenly appeared under his armpit, spreading across an expensive blue shirt. Even Mr Blair’s close friends acknowledge that the saga damaged him—not least financially, since Mr Murdoch stopped contributing to Mr Blair’s faith foundation and cut him off from other friendly donors in America.”


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