Lies, damn lies

People says Wall Street is a dirty place. It's a place full of greed and deceitful people, many innocence will be slaughter there. They will do what-ever it takes to make a profit, including selling their mothers. They will spread lies and sow seeds of fears and take advantage of fearful - sell short. I have been restraining myself from using harsh words on these bastards but I no longer need to control myself. They are such an assho**.

(WSJ)Two days after Lehman Brothers Holdings Inc. sought bankruptcy protection, an explosive rumor spread that another big Wall Street firm, Morgan Stanley, was on the brink of failure. The chatter on trading desks that Sept. 17 was that Deutsche Bank AG had yanked a $25 billion credit line to the firm.

That wasn't true, but it helped trigger a cascade of bearish bets against Morgan Stanley. Chief Executive Officer John Mack complained bitterly that profit-hungry traders were sowing panic. Yet he lacked a critical piece of information: Who exactly was behind those damaging trades?

Trading records reviewed by The Wall Street Journal now provide a partial answer. It turns out that some of the biggest names on Wall Street -- Merrill Lynch & Co., Citigroup Inc., Deutsche Bank and UBS AG -- were placing large bets against Morgan Stanley, the records indicate. They did so using complicated financial instruments called credit-default swaps, a form of insurance against losses on loans and bonds.

Look at this, while the whole world is working hard to restore confidence and to prevent collapse of financial institutions, yet they are trying to bring each other down. It's a shame to see some of the big names like Merrill Lynch, Citigroup, Deutsche, UBS and etc. No wonder they sometimes criticize without mercy when regulators imposed short-selling. Bad people!