This crime may have become so extensive that it has created in our country’s financial system a crack so deep it could trigger a systemic collapse.

Unsettled Trades & Systemic Risk

The Foreclosure Crisis: Punchline to a Michael Lewis Joke from 2008?

The foreclosure crisis is being written and spoken of as though it were exclusively a paperwork crisis. For example, an October 18, 2010 Associated Press  wire described the scandal as one concerning “questions on...
Patrick Byrne
3 min read

Regulators Spring Into Action Against Naked Short Sellers. Or not.

As is explained in numerous pieces in DeepCapture, there are many cracks in the settlement system, one of them being the DTCC’s Continuous Net Settlement system, or CNS. I am highly confident that the...
Patrick Byrne
43 sec read

The DTCC’s CNS naked short selling residue

In a previous post I named various places where unsettled trades can accumulate: in the desks of brokers, in pre-netting among brokers, in the Continuous Net Settlement (CNS) system, in the Stock Borrow Program...
Patrick Byrne
2 min read

A Peace Sign for Wall Street

Greetings, and peace. As we Irish say, “I’m sorry for your troubles.” In today’s Salt Lake Tribune there is a story that is 100% correct: two years ago an elder statesman of the hedge...
Patrick Byrne
10 min read

The End of the World as We Know It

I will begin this preamble to the subject systemic risk with two quotes from Warren Buffett (by quoting him I do not mean to imply his support in these efforts of mine): Of excess...
Patrick Byrne
5 min read