From: Market Watch
Here It Comes (GE)
This is what is going to happen, as I noted in BlogTalkRadio yesterday afternoon, if “The Bezzle” [from the word ’embezzle’ – ed.] is not removed from our system NOW.
Take a look at that folks. That’s a snapshot of today’s volume for June GE $2.50 PUTs.
That’s over 52,000 contracts traded today, controlling 5.2 million shares.
They were purchased for about 30 cents, which means that the price has to be under $2.20 for them to go “in the money”.
This is a bankruptcy bet on General Electric by the third week of June. …
General Electric is a stalwart of our financial and industrial system. A bankruptcy by GE would be catastrophic for our economy and capital markets. The follow-on damage with suppliers and customers would be even worse.
If “The Bezzle” is not brought under control right d— now this is what is going to to happen to company after company. We WILL see the S&P trade at one hundred if we start to see firms like GE go down the toilet. …
It is my intention to guarantee that these actions and intentional and willful blindness is documented so that when these failures occur, which I have predicted and provided a path by which they can be prevented, occur due to the intentional and willful malfeasance of our lawmakers and policy “wonks”, the people can correctly hold to account the people responsible for their unemployment, homelessness and hunger.