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Jitney |
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Jitney 1. A situation in which one broker who has direct access to a stock exchange performs trades for a broker who does not have access. 2. A fraudulent activity in the penny stock market involving two brokers trading a stock back and forth to rack up commissions and give the impression of trading volume. Notes: 1. For example, a small firm whose volume of business is not sufficient enough to maintain a trader on the exchange would give its orders to a large dealer for execution.2. Jitney, or "the jitney game," is basically the same thing as circular trading. The term originated from "Jitney buses," which was a derogatory slang term for Ford buses at the beginning of the century. A reporter coined the term by alluding to the five-cent piece it cost back then for a bus ride. It has since been used to refer to something that is cheaply and poorly made. |
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Cal Trans director Adriana Gianturco is a strong proponent of jitneys, noting their widespread use in Los Angeles early in this century, until outlawed by the state under pressure from trolley car systems. It would build affordable busways and link them with Rapid buses and jitneys to create a transit system from the ground up. If Wilshire Boulevard were developed with transportation and a central green people could jog, jitneys could go up and down, there could be cafes. |
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jitneys
