Wilbur Ross shorted more stocks than previously reported

[turbinetree]

The Commerce secretary is under fire for five sales, three of which involved a shipping company with alleged ties to the Kremlin.

REBEKAH ENTRALGO JUL 3, 2018, 12:50 PM

Commerce Secretary Wilbur Ross revealed to CNBC Monday that he shorted two more stocks while in office, in addition to the short sale of three other stocks Forbes previously reported in June.

Ross defended the newly disclosed May 2017 sales — which involved stock belonging to Air Lease and Ocwen Financial Corporation — by echoing his earlier comments about the three other shorts. He excused those sales as part of an effort to divest himself from any financial holdings that could pose a potential conflict of interest.

Monday, Ross told CNBC that in all five sales, his stake in the companies was zeroed out and he received no profit or loss on the trades. “These transactions are not profit-seeking short sales,” Ross said. “These shorts are technical ways of disposing the stocks.”

While Ross claims he was simply doing the right thing by divesting his assets, the action still raises a few red flags.

Richard Painter, former chief White House ethics lawyer under President George W. Bush, said Monday that he had “never heard of someone using short positions to divest.”

“I helped in hundreds of transactions for employees entering government, this is not an acceptable situation,” he said.

https://thinkprogress.org/wilbur-ross-shorted-five-stocks-d15e0c6f5a38/

While he was taking his naps dreaming about his days of being a vice president of bank in Cyprus's, Bank laundering moola for Russian mafia criminal enterprise led by putty.......................and he gets confirmed .....................Maddow was right about this asshole......................the dots and the connections are big with this one.........................

November 2018 cannot get here fast enough................................vote

https://www.timeanddate.com/countdown/election?p0=263&iso=20181106T12&msg=2018%20Midterm%20Elections

[eleny]

1. Ted Kennedy: "When does the greed stop we ask the other side?!"

At the 5 minute mark. It's a good question to ask now, too. The greed never stops for those bastards.

[OnDoutside]

3. Such a loss to the conversation. Thanks for putting that up.

[jmowreader]

2. Who is he trying to kid?

If you're not "seeking a profit," you wouldn't short a stock.

[Recursion]

4. True but shorting isn't nefarious in itself

People sometimes act like shorting is, by its nature, somehow shady. It just means you sell some stock now and buy it back later, and it's the right thing to do if you think the price is going to fall. In the wake of 2008 there was some public pressure to make all shorts illegal, which is a terrible idea.

[dansolo]

5. It is if you are obligated to divest

The whole point of divesting is to remove the conflict of interest that your decisions may be influenced by your financial holdings.

[jmowreader]

11. No, it isn't nefarious

Ross’ actions, however, were nefarious.

He knew he had to divest himself of his stock holdings. Taking a short position is probably the stupidest way on earth to do that.

[gratuitous]

13. As the robber baron Jay Gould is reputed to have said

He who sell what isn't his'n
Buys it back or goes to prison.

The whole purpose of a short is to sell stock an investor doesn't own at a higher price than when he has to buy it back and return it to the actual owner of the stock. In short-selling stock, Ross wasn't divesting himself of anything he owned, he was making a buck off the falling price of stock that someone else owned.

[Recursion]

14. No, that's only a specific class of shorts

In short-selling stock, Ross wasn't divesting himself of anything he owned

Unless I'm reading this wrong, those were "clothed" shorts, though it's absurd that he calls that a "divestment"

[WhiteTara]

6. Carry registration forms in the car

register everyone you can to vote. Help them fill out the form. Many people forget to sign. Make sure that happens. If you're working with a candidate, copy the form before you turn it in. It is legal and helps the campaign.

[Brother Buzz]

8. Voter registration forms are fast becoming passe and are being ditched for the Smartphone

In my state (and many more), you can register to vote online. Unregistered tech whiz kids will even show you how to do it while they register themselves. All the info becomes public record and is retrievable by your campaign if you just note their name and address.

That being said, carrying voter registration forms is still a good idea for all the proud Luddites that shun those electronic gadgets.

[WhiteTara]

9. Great! I'll add that to my repretoire.

But I'll carry forms too.

[Brother Buzz]

10. I still carry one in my glove box

HeadCount Announces Campaign To Roll Out ‘HelloVote’ Voter Registration Technology

Non-partisan, non-profit organization HeadCount today announced they have partnered with hundreds of musicians in an effort to roll out “HelloVote,” a new technology that allows anyone to register to vote via text message or Facebook Messenger. Members of Wilco, the Grateful Dead, The Indigo Girls and many other acts will each make social media posts this coming Tuesday, September 27 in support of National Voter Registration Day.

<more>

https://www.jambase.com/article/headcount-announces-campaign-roll-hellovote-voter-registration-technology

[WhiteTara]

12. Just read--in Arkansas, you must sign and verify.

you can download but not register. Carry registration forms in backward states

[spanone]

7. An administration devoid of ethics at all levels.