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The ‘No Comment’ Clue to Mortgage Losses on Your Stocks

23 April 2008 - News - Editor

The portly Chair Person is a business Guru. The local stock market hangs on to his every word. Business channels on television depend on his interviews for their rankings. He pays top dollar (in his currency) for women executives. His corporate office is a gold standard of material aspirations. Never mind about his identity. Reflect instead on the weight of his words.

“No comment”.

This was his loaded response to an impertinent question. It must have come from a rookie stringer.

“Does your bank have any losses in financial derivatives?”

Now what kind of a question is that?

The news conference was impromptu anyhow. It was on the sidelines of an industry association staged show. There were regular questions on the economy. Plenty of opportunities for the Chair Person to shed some of his weighty thoughts on what his Fed should do.

It is unconscionable that a reporter should ask about his own balance sheet.

What can you and I distill from this shameful invasion of bank privacy?

Reflect intensely on ‘no comment’. What it means is that the guy has something to hide. He cannot spill the beans in his national interest. However, he would certainly sell his personal stocks in his bank if he legally could.

You can short or sell his bank stock.

Forget about who he really is. The point is that ‘no comment’ is a sign that skeletons lurk in stock market cupboards.

Ok, you can write and ask for the identity of the stock behind this real life story, if you are dying to know.

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