{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='PM on crisis, papers, reax to efforts to curb short selling' data-url='/boclips/videos/5c54bbf5d8eafeecae12905a' data-video-url='/boclips/videos/5c54bbf5d8eafeecae12905a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPM on crisis, papers, reax to efforts to curb short selling\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eAP Television1. Various newspaper headlinesPool2. British Prime Minister Gordon Brown and Georgian Prime Minister Lado Gurgenidze walk into room and shake hands3.SOUNDBITE (English) Gordon Brown, British Prime Minister:\"We took decisive...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eAP Television\u003cbr/\u003e1. Various newspaper headlines\u003cbr/\u003ePool\u003cbr/\u003e2. British Prime Minister Gordon Brown and Georgian Prime Minister Lado Gurgenidze walk into room and shake hands\u003cbr/\u003e3.SOUNDBITE (English) Gordon Brown, British Prime Minister:\u003cbr/\u003e\"We took decisive action working with HBOS and Lloyds TSB, we also took decisive action yesterday when the Financial Services Authority acted on short selling. We're now working with our international partners about coordinated action that we are in a position to take. The central banks have joined together to provide liquidity for the system. I am talking to (French) President (Nicolas) Sarkozy about some of the measures that the European Union can take together. The chancellor of the exchequer is talking to the American treasury secretary about how we can work together to deal with the problems that we face in common.\" \u003cbr/\u003e4. Brown and Gurgenidze walk away\u003cbr/\u003eAP Television\u003cbr/\u003e5. Various trading floor of BGC Partners\u003cbr/\u003e6. SOUNDBITE (English) Howard Wheeldon, Senior Strategist, BGC Partners:\u003cbr/\u003e\"Short selling is an investment procedure which has been with us for very many years. In its simplest form it is where an investor borrows stock from another investor. He pays a small charge for that. He has done it on the belief that that stock price will go down for whatever reason. So he has it there, he waits. When his belief, if it comes true, he sells that stock, he pockets the profit, he buys back the stock at that lower level and he gives that stock back to the original lender.\"\u003cbr/\u003e7. Set up shot Howard Wheeldon\u003cbr/\u003e8. SOUNDBITE (English) Howard Wheeldon, Senior Strategist, BGC Partners:\u003cbr/\u003e\"Well, the hope is that of course the problems that we have seen with bank stocks in particular being so severely hit and the drastic manner that the market has behaved, which a lot of people have put down to short selling, although one has to say there is no actual proof short selling is the bigger culprit in this, the hope is that we will see more gradual movement in stocks based on the more traditional principles and investment concerns.\"\u003cbr/\u003e9. Various trading floor\u003cbr/\u003eBritish newspaper headlines on Friday were dominated by the news that Prime Minister Gordon Brown's government had banned short selling of bank shares by speculators.\u003cbr/\u003e\"The Times\" newspaper said the ban - aimed at curbing the credit crisis - was aimed at those who \"could break the banks\" whilst other papers were more forthright, calling it a \"crackdown on trader sharks\".\u003cbr/\u003eBrown spoke about the latest developments following a meeting with Georgian Prime Minister Lado Gurgenidze in London.\u003cbr/\u003eHe first mentioned the \"decisive action\" taken to deal with the financial crisis that had threatened to cripple the UK's biggest mortgage lender.\u003cbr/\u003eLloyds TSB, Britain's largest provider of checking accounts, on Thursday announced a 21.85 billion US dollar deal to take over struggling HBOS - Britain's biggest mortgage lender - making HBOS the latest victim of the global credit crisis. \u003cbr/\u003eThe government said it would facilitate the deal by overriding anti-monopoly regulations.\u003cbr/\u003eHBOS joins other institutions swept away by the credit crisis, which claimed US investment banks Lehman Brothers and Merrill Lynch on Monday, and forced the US Federal Reserve to extend an 85 (b) billion US dollar emergency loan to insurance giant AIG on Tuesday. \u003cbr/\u003eAt his news conference, Brown told reporters that the chancellor of the exchequer was talking with his American counterpart \"about how we can work together to deal with the problems that we face in common\". \u003cbr/\u003e\"We are now working with our international partners about coordinated action that we are in a position to take,\" he said.\u003cbr/\u003eThe prime minister added that central banks \"joined together to find liquidity for the system\" and that he was in talks with French President Nicolas Sarkozy \"about some of the measures the European Union can take together.\"\u003cbr/\u003eBrown also welcomed the \"decisive action\" taken by the financial watchdog, the Financial Services Authority, to curb \"short-selling\". \u003cbr/\u003eHoward Wheeldon, a senior strategist with BGC Partners, on Friday explained that short selling had been around for \"many years\" and involved an investor paying a small charge to borrow stock from another investor.\u003cbr/\u003eWhen that stock falls in value, he sells it, keeps the profit, then buys it back at the lower level before giving it back to the original lender.\u003cbr/\u003eWheeldon added that he welcomed the move to curb short selling, saying it hopefully would lead to \"more gradual movement in stocks based on the more traditional principles and investment concerns\".\u003cbr/\u003eHowever, he did note that \"there is no actual proof short selling is the bigger culprit\" regarding \"the problems that we have seen with bank stocks in particular being so severely hit and the drastic manner that the market has 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