This column was originally published on RealMoney on Oct. 25 at 11:20 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.
To me it is infuriating when the most meaningful, most material information -- a liquidation -- is in the hands of so few and they
exploit it so well.
I am talking about the billions of dollars that may have been made taking the tag ends of the trades of the big
There were no releases, no information, no nothing, just profits for the liquidators.
It's so funny that the
goes to any lengths to make sure that material information about a company is disclosed properly and timely, but it could care less about information involving the stock itself. It's almost as if that's the one real edge left that the SEC hasn't done away with: the right of the brokers to take the tag ends and give them to their buddies, or, given how many brokers are actually hedge funds in disguise now, keep the profits for themselves.
Again, I can't change the law. I don't even know if I want to. I just want to profit from it. I couldn't get in on those cleanup blocks of
, I couldn't participate in the resuscitation of
. And I would be doing just that if I were allowed to. I believe it cleaned up the biggest on this one, right in time to make the quarter fabulous.
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At the time of publication, Cramer was long Occidental Petroleum.
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