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Britain and US crack down on hedge funds blamed for crisis - Business News, Business - The Independent

The Financial Services Authority (FSA) banned "short selling" of bank shares from midnight last night, after warnings that the practice helped fuel market turmoil that forced the dramatic £12.2bn takeover of HBOS by Lloyds TSB. This came as the New York Attorney announced his office had launched an investigation into illegal manipulation to profit from short selling. The move is to uncover whether speculators have spread misleading information or acted in concert to purposely drive down share prices.

Wealthy hedge fund traders, heavy users of the shorting strategy, have sparked fury after making millions from the collapse in value of UK banking stocks.



*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Sep 19th, 2008 at 04:35:59 PM EST
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