Top 2 most influential journalists, Dan McCrum & Paul Murphy

Financial Times, bad values and short attack on Wirecard stock 

Open letter to Financial Times:

Dear Financial Times

I am writing to you to let you know what is going on in the finance world. When Financial Times employee, Dan McCrum and Paul Murphy, publish inaccurate information about the German Wirecard AG, that’s their fault, not the source’s. Verification is the Financial Times job. Sometimes the source’s job is to play journalists and get media to publish lies. Why the source may be wrong (short stock attack on Wirecard stock 25/2-2016) is secondary.

Accuracy is the journalist’s job and one of your most cherished values I hope.

Subject:

Stock short attack from Hedgefonds Blue Ridge Capital & Odey Asset Management, 24.02.2016

Against:

Wirecard AG at German Stock Index TecDAX

Action tools I:

Dan McCrum & Paul Murphy, Financial Times (online)

Action tools II:

"Zatarra Investigations and Research" (Who was Zatarra in The Count of Monte Cristo movie.... ?)

Consekvence:

Wirecard stock from 41 to 31 euro, 24.02.2016

What is a Short Attack:

Nothing is inherently wrong with short selling, which is permissible under the regulations of the Securities and Exchange Commission (SEC). However, short selling that uses misinformation to manipulate stocks is illegal. The short attack plan consists of taking a large short position. A blitzkrieg is unleashed against the company like Wirecard by a cabal of short hedge funds.

The playbook is very similar from attack to attack, and the participating prime brokers and lead shorts are fairly consistent as well.

The shorts have "friendly" reporters like Dan McCrum and Paul Murphy at Financial Times or News Agency, the Wall Street Journal, Barrons, the New York Times or Gannett Publications.

When shorting, the hedge fund mode is to not do anything remotely truthful, because the truth is so against your view, so the hedge funds create a new 'truth' that is development of the fiction... you hit the brokerage houses with a series of orders (a short down ladder that pushes the price down), then they go to the press. You have a vicious cycle down - it's a pretty good game.

Shame on you Financial Times.

Sincerely yours

Knud Jespersen

Copenhagen