Just Whom Does Wachtell, Lipton, Rosen & Katz Represent?
It has been Zero Hedge's understanding that traditionally lobbies of any kind tend to at least make a tacit acknowledgment of their conflicts of interest. This is especially true when the "lobby" in particular is none other than Wall Street legal powerhouse Wachtell Lipton, which in a series of machine-gunned missives which Zero Hedge has recently obtained, did everything in its power to persuade the SEC to adopt every possible action that would essentially destroy short-sellers in the days after the Lehman collapse.
Among the policy recommendations that Wachtell made clear in no uncertain terms that it (and its numerous clients) would demand implemented were:
the SEC should immediately re-impose, under its emergency powers, the “Uptick Rule.” In addition, the SEC must now consider other very strong measures such as using its emergency powers to place limitations on short sales for a period of time to restore a fair and orderly market.
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