Satwaves received an advance copy of Stock Shock: The Short Selling Of The American Dream yesterday. The first time I watched it was from my own perspective. Of course I am overly critical of myself. I think that’s human nature. The second time I watched it was as a Sirius XM (SIRI) shareholder. The third time was as a journalist who needs to write a story about the story. In my opinion, there will be three groups of people who oppose the film: Organized crime, The National Association of Broadcasters (NAB), and the Securities & Exchange Commission. Pardon me, did I just say three groups?
Writing a review may seem a bit biased on my part. As most know by now, I was interviewed on camera for the movie, and as it turns out I play a substantial role. In fairness to disclosure, I agreed to be named as a co-producer of the movie as well because I had facilitated many of the interviews that were done for the film. I have looked at the movie from many perspectives prior to writing this. I think my own perspective was made clear in the movie, with only an exception or two. My only disappointment lies in the removal of my explanation for blaming Michael Hartleib for causing much of the merger delay, which left the company vulnerable to exploitation from the likes of short selling hedge funds, Charles Ergen and John Malone.
As the movie progressed, it became less about Sirius XM and more about the stock market as a whole. The film features experts such as Martine Rothblatt, Susanne Trimbath, PhD, Bud Burrell, Wes Christian and bloggers such as myself and Tyler Savery. The movie I believe succeeded in its goal of explaining to the viewer the devastating effects of naked short selling on the American financial system as well as the disruption caused by the removal of the uptick rule. In fact, I believe it to be the highlight of the film.
I considered how Sirius XM itself would view the movie. I will tell you that there are a lot of positives which promote the company’s service, yet many negatives as the company does come under attack at certain times. In my opinion, the movie will in fact do the company more good than harm, as any negatives will be offset by the potential interest of new subscribers. There is no such thing as bad publicity.
I have personally made it my mission to forward copies to members of the U.S. Senate such as Ted Kaufman of Delaware, as well as major media including (if you can imagine) the Oprah Winfrey show. I don’t know much about the movie industry, but the films Director, Sandra Mohr should be exalted for bringing this issue to the forefront of debate.
It is my sincere hope that every American investor, whether or not they have ever invested in Satellite Radio, will invest in themselves by furthering their knowledge of the American Stock market. The unregulated hedge funds nearly succeeded in destroying America for personal profit, and continue to do so by selling counterfeit shares of stocks and bonds to unknowing investors. This movie can be a wake up call for the American investor to demand reforms at the highest levels of government.
Position: Long SIRI
OPRAH WILL SAVE SIRIUS!!!!!!
The Oprah Effect is what Sirius needs to lift it up from the ashes. Man. If you manage to convince Oprah to feature the movie and the director on one of her shows….
Alright. Probably won’t happen – as most positive hopes when it comes to Sirius – but it’s a nice thought.
Heres hoping the naked shorts get caught with their pants down EVENTUALLY.
That is precisely why I included a link..I’m thinking other people may be inclined to drop the producers a line…
I was not only pissed that I spent money for this POS, but am very mad at you pumpers of this movie. It trashed more of Mel than any wall street crooks. And If I could I would demand my money back. By the way everyone knows how censored this board is so I know I will never see this message but at least Brandon will see it and know that I feel so duped. Others I know feel the same way. I am long and strong and stand behind Mel 100%
I can’t wait to view this movie! I should get my copy on Monday! Everyone in my family wants to see this! This movie I think will hit a nerve! A lot of people have been “shorted out” of a lot of money over the last year! The american public only knows about Bernie maddoff! This movie will hopefully introduce to people the others! Let “The Oprah Effect Take Hold” This is a story that needs to be told! I think after everyone views the movie they should send there copy to their U.S. Congressman or State Senator! All we need is one person in power to get the ball rolling! All hope is not lost!
Not for nothing, I did my part to defend Mel & co. on camera. I continue to do so. If that’s all you took from the movie, then I pity you. While I’m at it, show me where you or anyone has been censored from this site..
In fact, I’d go on to say that the movie successfully denounced Michael Hartleib with the true facts..
It’s good that he was able to air his grievances which will be squashed once and for all.
Send a copy to John Stewart as well as he took personal interest in Jim Cramer’s role in hedge thievery.
I have not seen the movie but anything that brings light to naked short selling is a good thing.
The friendships between the employees of the SEC and investemt bankers where they want to go to work in the future should not be ignored.The SEC ignores complaint after complaint, and these complaints are in the thousands with nothing ever being done.
We have the CIA, the FBI, Homeland Security,Secret Service,GSA Investigators, Postal Investigators,IRS investigators,etc etc.
But we fail to move the SEC under the control of the Dept of Justice and stop all the corruption once for all at the SEC.
Everyone knows now the national security risk of our financials markets to us and to the world. Don’t they warrant more protection and oversight then our mail?
vaporgold
How come a movie like this gets no media attention….but rumors about Howard Stern returning to terrestrial radio in 2010 do?
Has anyone seen the latest article over at Orbitcast and how Bay Area media commentator Rich Lieberman says this is a VERY REAL possibility.
Is this the “hook” the shorts and bashers are going to use this week to try and knock this stock down into the 20s again? To try and force a “death spiral” and to steal thunder away from the upcoming iphone app?
I KNOW the market is all about manipulation, but NEVER in my life have I seen an equity so controlled by these scum. It’s really sickening.
I don’t think I will buy a copy. I lived through the experience with my 20,000+ dollar investment in Sirius. I lived through the merger, through the crash, through the impending threat of BK. and watched my investment dwindle to 5 cents per share. Twice I was one key-push away from retrieving a meager 5 percent of my original investment. I even had to read Brandon Matthew’s silly capitulation article when he surmised that BK was eminent. Only to see that Sirius was rescued by the “white knight” Malone. The only thing that kept me from selling was the rationale that at that point I’d rather blame an external factor for my loss than my own decision to sell. That and a faith in Mel K.’s business acumen. Such is the odyssey of this one time “unsophisticated investor.” I guess my investment in Sirius is for my ongoing education and front row seat to the mess that is the market system in the age of the internet. Therefore I re-state: thanks, but I don’t need a personal copy of “Stock Shock”- still living it. Dave. P.s. Interesting that Ms. Mohr was savvy enough to buy a substantial amount of stock at BK prices?! Nice one!
@Saatradical I meant “immanent” not “eminent”.
@Wolf Child
Yes, Jon Stewart may want to pick up on this, he washed the floors with kreamer!
Other than that I am amazed naked short selling is still so easy to do, with the speed of computer systems today it should be impossible. there should not be a rule allowing 3 days to settle, you should have the stock borrowed and in your hand if you want to sell it short. right now they can sell it short, with no uptick they have an easy way to just push it down relentlessly and trip stop orders to create more selling. then cover in 2-3 days before they naked part comes in. It’s like it never happened yet people lost money FOR NO REASON!!
ALL shorting should be banned, no real reason for it. the markets can determine the price, we don’t need a way for someone to short circuit the system as the short the stock. it’s a fantasy that it protects stocks from getting to pricey. I stocdk will sell for what someone will pay, period. when you cant find another buyer, then the price it topped and normal selling at a lower price will take the ‘fluff’ out of a stock.
Might as well allow the crooks to just knock you on the head and take the money out of your wallet.
Hey Brandon
consider forwarding a copy to the Daily Show if you haven’t already.
@bubba-ho-tep
Oprah will what!? I like the enthusiasm, but I think I should point out that Oprah already pulled a big bag of money out of XM/Sirius for a radio show she put together, poorly, with a minimum of effort, that she never even bothered to promote on her TV show. My point is, if she didn’t even hype it to promote her radio show (that she was paid well for), why would she be inclined to save it now?