Shorting is perfectly legitimate. The pain hasn't been caused by the ANZ or Merril Lynch but rather by Opes Prime and their clients. It's not the lenders that overleveraged positions, nor did they fail to meet margin calls nor did they take OP on a incredibly tight line that ultimately brought the company down.
I'm perfectly at ease about the actions that ANZ and Merril Lynch have to take - they have a duty to manage their own exposure in their shareholders' interests.
I'll keep my eye on a couple of stocks I like though that are on the list as some cheap buying might come up. Unfortunately the best chances might be passed as the banks have likely done most of their selling.
ANZ Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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