18 Sep 2008

Did Andrew Cuomo Make Palin-Like Gaffe On Naked Short Selling?

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I’m getting ready for my Penn State student radio interview so I can’t pontificate–don’t worry, I’ll be long-winded tonight. But I’ve got CNBC on in the hotel room, and CNBC’s Maria Bartiromo was interviewing NYS Attorney General Andrew Cuomo, who is getting ready to crack down on “illegal” short-selling. She said something like, “Well Mr. Cuomo, a lot of analysts are focusing primarily on naked short selling, saying this is the real problem, not short selling in general. Can you explain the difference to our viewers?”

Suffice to say, Cuomo’s answer gave no indication that he knew the difference. He totally dodged and just talked about other things that he understood. But because he wasn’t fighting the bimbo label, Bartiromo didn’t follow up with, “What do you interpret the difference to be?”

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