Friday, July 18, 2008

Babe – I can’t find a vein

Paul Kelly – an Australian poet troubadour howls about addiction: babe – I can’t find a vein.

I know how he feels.

One reader is working with me on some very small regional banks for shorting. I will not write about them – because they are just too small.

However we have found one where we think the subordinated debt is a fabulous short.

So here is my howl:

Babe - I can’t find a borrow.

The security in question is not on the SEC’s new list of things you can’t naked short – but still the discount broker is not giving me a borrow. They are usually pretty good – but sometimes they can’t maintain the borrow and they call me in.

Does anybody know a broker who will give me a naked short?

I thought not.

I will continue in the way of Paul Kelly

Little cloud little cloud way up in the air
Little cloud little cloud way up in the air
Well I ain't receiving, little cloud's moved on somewhere

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