Right wing whacko Hal Turner posts fake leak on bank stress tests

[dkf]

Treasury Says ‘No Basis’ to Report on Bank Testing (Update2)
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By Vincent Del Giudice and Nick Baker

April 20 (Bloomberg) -- A U.S. Treasury spokesman said there’s no basis to a blog posting that buffeted financial stocks by saying that most of the nation’s largest banks are insolvent.

Andrew Williams, a Treasury spokesman, dismissed the report from Hal Turner of North Bergen, New Jersey, “particularly given we don’t have stress test results yet.” Turner has advocated violence against blacks, Jews and immigrants on his Web site and Internet radio show, according to the Anti- Defamation League, created in 1913 to monitor anti-Semitism.

The Financial Select Sector SPDR Fund, an exchange-traded fund tracking banks, brokerages and insurers, fell to $10.62 from $10.75 in six minutes after FlyOnTheWall.com cited Turner’s blog post at 8:14 a.m. in New York. At 8:30 a.m., FlyOnTheWall advised readers to disregard the earlier story.

In his blog posting, Turner said 16 of the banks are “already technically insolvent.” He mentioned HSBC Holdings Plc as one of the lenders. HSBC isn’t among the 19 banks being examined, according to the government.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aZCb6UIETseA&refer=home

[MercutioATC]

1. Possibly a bogus "leak", but how much you wanna bet it's close to accurate?

I have no problem believing those numbers.

[dkf]

2. Yeah but its demonstrably false because he talks about HSBC and they

aren't even looking at HSBC.

That looks like an attempt to manipulate the market to me. I hope this doofus is in big trouble.

[MercutioATC]

6. They SAY they aren't looking at HSBC...

I believe this report is probably bogus, but they haven't been exactly forthcoming with information. I wouldn't put it past them to lie about this.

[dkf]

7. The problem is this affected the market when it was looking

for a down day anyway.

The triple financial bear fund was up over 30%. Very suspicious if you ask me.

[mashimaro]

8. right-on

dead men walking, all the banks...zombies

[JonLP24]

3. I believe he was regular guest on Hannity's radio show back in the day

[dkf]

4. I bet he makes money off short sales.

Scumbag.

[AspenRose]

5. Yes he and Hannity are BFFs.

http://www.huffingtonpost.com/2008/03/23/sean-hannity-confronted-o_n_92961.html