Wachtell Lipton Rosen & Katz wants regulators to take definitive actions against short-sellers and launch a sweeping review of the credit default swap (CDS) market to stave off a wider Wall Street crisis.So say several memorandums penned during the past week by executive committee co-chair and banking transactions rainmaker Edward Herlihy, 14-year Securities & Exchange Commission (SEC) veteran and firm of counsel Theodore Levine and associate Carmen Woo."In today's markets, short sales continue to be at record levels, there are false rumours in the marketplace about the demise of financial firms, bear raids and abusive short-selling are taking place, and there is significant disruption in the fair and orderly functioning of the securities markets," said Herlihy and Levine in their first memo on 16 September. "The markets are in crisis."Herlihy and Levine implored the SEC to execute "immediate bold measures" that can be used "to constrain the abusive short-selling and rumour-mongering, to dampen volatility, and to restore confidence in the markets."
September 23, 2008 at 05:01 AM
1 minute read
The original version of this story was published on Legalweek
Wachtell Lipton Rosen & Katz wants regulators to take definitive actions against short-sellers and launch a sweeping review of the credit default swap (CDS) market to stave off a wider Wall Street crisis.
So say several memorandums penned during the past week by executive committee co-chair and banking transactions rainmaker Edward Herlihy, 14-year Securities & Exchange Commission (SEC) veteran and firm of counsel Theodore Levine and associate Carmen Woo.
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