New York, NY (PRWEB) October 5, 2009
Rolling Stone's own Matt Taibbi interviewed industry expert Susanne Trimbath, Chief Economist at STP Advisory Services, LLC in Omaha, for his latest article in the magazine article about financial corruption. The piece spotlights naked short selling and fall of Bear Stearns and Lehman Brothers.
In his new article, Trimbath tells Taibbi the story of how, in 1993, she tried to get senior management at the world's largest central depository (Depository Trust Company) to stop allowing shares of stock in US companies to be multiplied through stock lending and excessive short selling. "You can't balance the world," was the response she got from regulators. She contends this is because "Wall Street is self-regulated and they don't want to write regulations against themselves." By 2003, the size of the problem had increased ten-fold; by 2008 it contributed to the collapse of major financial institutions and the global financial crisis.
Trimbath is also featured in the financial film, "Stock Shock: The Short Selling of the American Dream" which documents the alleged massive short selling of Sirius XM radio stock. Sirius XM stock sank to five cents per share earlier this year. In the film, she explains in great detail the process of naked short selling and the impact failed trades have on shareholders and the American economy.
Susanne Trimbath holds the Ph.D. degree in economics from New York University. She is an expert on post-trade securities operations and is featured in several films about Wall Street. She frequently acts as an expert witness in securities litigation. Trimbath is a former mid-level operations manager at Depository Trust Company (now a subsidiary of Depository Trust and Clearing Corporation in New York). She currently heads STP Advisory Services.
"Stock Shock:The Short Selling of the American Dream" was recently released on DVD and has received good reviews. The "Stock Shock" movie trailer can be seen at http://www.stockshockmovie.com.