HOLLYWOOD, CA, October 01, 2009
/24-7PressRelease/ -- 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 explaining "how we got into this financial crisis." Taibbi's latest piece looks at the history of the Bear Stearns and Lehman Brothers failures. His controversial article earlier this year, "Inside the Great American Bubble" on the undue influence of Goldman Sachs in contributing to and benefitting from the recent economic collapse and the subsequent bailout gained significant attention from media, investors, shareholders and companies.
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 goes into more detail about this, and the impact of naked short selling and failed trades on shareholders in the recently released Hollywood movie, "Stock Shock: The Short Selling of the American Dream."
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). Matt Taibbi, who is best known for his articles and books on politics, turned to writing and blogging on finance after the 2008 Presidential election. His new expose will be featured in the upcoming issue of Rolling Stone magazine due out in early October.
Susanne Trimbath can be reached through http://www.stpadvisors.com .
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