Word: stocking
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Dates: during 2000-2000
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Then there's the case of a well-known stock tipster who calls himself "Tokyo Joe" and uses his investment website to post colorful snapshots of himself. The sec says the New York-based entrepreneur, a Korean whose real name is Yun Soo Oh Park, charged members of his investment club up to $200 a month and then pushed them to buy stocks he was simultaneously selling from his own account. Beyond this practice, known as "scalping," the agency also claims Tokyo Joe lied about his trading record and touted companies without disclosing that he had received shares from...
Tokyo Joe is still in business and plans to vigorously contest the civil fraud charges against him. The California students also protest their innocence. Some experts in securities law point out that Internet stock-fraud cases are such a new and rapidly evolving area of jurisprudence that it is too soon to tell how judges will treat the SEC's recent wave of them. "Messages on stock bulletin boards are nothing more than graffiti," argues Mark Werksman, a lawyer for one of the California defendants. "Posting them is an exercise in free speech that imposes no clear legal obligation...
There are plenty of day traders who couldn't care less whether bulletin-board messages are true or not. They buy or sell a stock simply because it's moving in a given direction. As long as the information moves the market, they may be willing to act on it. "Traders today are willingly complicit in the dissemination of false information," says John Coffee, an expert on Internet securities fraud at Columbia University Law School. "That's why they often flock to [the] chat rooms with the worst information, so they can find material that will destabilize the market...
...apostle of the new economy is now citing increasing productivity as a source of inflation. To many economists, it's like saying vitamin C causes colds. The chairman is also concerned that we're feeling a little too cocky these days and spending too much of our stock-market wealth. He's gone so far as to suggest that stock prices should not rise more than the growth of the overall U.S. economy--in other words, less than...
...then Greenspan touched off a firestorm by arguing that today's technological innovation and improved efficiency can themselves ignite inflation. His logic? Strong productivity growth raises the outlook for corporate profits, which drives the stock market higher. As equity prices soar, Americans feel wealthier, and that encourages them to continue their wild shopping spree. "The problem is that the pickup in productivity tends to create even greater increases in aggregate demand than in potential aggregate supply," says Greenspan...