It’s simple.

Remember the SEC issuing a ban on naked short selling on July 18?

Here’s the list, in case you forgot:

Allianz SE
Bank of America Corp
Barclays PLC
BNP Paribas Securities Corp
Citigroup Inc
Credit Suisse Group
Daiwa Securities Group Inc
Deutsche Bank Group AG
Fannie Mae
Freddie Mac
Goldman Sachs Group Inc
HSBC Holdings Plc ADS
JPMorgan Chase & Co
Lehman Brothers Holdings Inc
Merrill Lynch & Co Inc
Mizuho Financial Group Inc
Morgan Stanley
Royal Bank ADS
UBS AG

So far:

Allianz SE
Bank of America Corp – full
Barclays PLC – couldn’t handle Lehman, capital constrained?
BNP Paribas Securities Corp – couldn’t handle Lehman, capital constrained?
Citigroup Inc
Credit Suisse Group
Daiwa Securities Group Inc
Deutsche Bank Group AG
Fannie Mae – dead
Freddie Mac – dead
Goldman Sachs Group Inc
HSBC Holdings Plc ADS
JPMorgan Chase & Co
Lehman Brothers Holdings Inc – dead
Merrill Lynch & Co Inc – swallowed
Mizuho Financial Group Inc
Morgan Stanley
Royal Bank ADS
UBS AG – in trouble?

The SEC more or less identified everyone it thinks is too weak to survive without government intervention.

Place your bets!

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