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The financial stocks and the overall market continued to get pounded by news out of Europe. This time it was Germany halting naked short selling. Chancellor Merkel's coalition wants to stop traders from buying credit insurance on government bonds they don't own ("naked swaps"). While there has been little support for this measure outside of Germany by governments or financial institutions, I think it is long over due. Many are crying foul, stating that it will increase interest rates, dry up liquidity, and prevent institutions from hedging their risks. I'm not so sure these would be bad things. I can think of good reasons to ban naked swaps.
I do not take this stance without due consideration because I have significant stakes in the financial sector, including positions in Bank of America Corporation (BAC), Citigroup, Inc. (C), E-Trade Financial Corporation (ETFC), General Electric Company (GE), Goldman Sachs Group, Inc. (GS) and Wells Fargo & Company (WFC).
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