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Says this was posted 23 min ago.
http://news.yahoo.com/s/ap/20080915/ap_on_bi_ge/sec_short_selling;_ylt=As6TTIT9I6YYSeTodFRUWzYT5LIF
SEC plans measures against short-selling
By MARCY GORDON, AP Business Writer 16 minutes ago
WASHINGTON - With Wall Street engulfed in crisis, the Securities and Exchange Commission is planning measures to rein in aggressive forms of short-selling that were blamed in part for the demise of Lehman Brothers and which some fear could be turned against other vulnerable companies.
During emergency meetings between federal officials and investment bank executives over the weekend, SEC Chairman Christopher Cox indicated to the bankers that the agency plans in a few days to impose new permanent protections against abusive "naked" short-selling, a person familiar with the matter said Monday.
Unlike the SEC's temporary emergency ban this summer covering naked short-selling in 19 stocks, the new measures would apply to trading in the broader market.
The person spoke on condition of anonymity because the SEC actions haven't yet been officially announced.
The measures likely would include removing an exception for market makers in options on stocks from rules restricting naked short-selling, and a tightening of anti-fraud rules related to that activity, according to the person familiar with the matter.
Those two measures could be put in place administratively by quick approval of the SEC commissioners. Another change, reducing from 13 to five the number of days that short-sellers would have to deliver stocks after an initial failure to do so, would require a public meeting and formal vote to propose it as a new rule.
Short sellers bet that a stock's price will fall so that they can profit from it. They borrow shares of the stock and sell them. If the price drops, they buy cheaper actual shares to cover the borrowed ones, pocketing the difference.
Naked short-selling occurs when sellers don't even borrow the shares before selling them, and then look to cover positions immediately after the sale.
Some investors contend that naked short-selling, if left unchecked, would have given hedge funds and other aggressive short sellers an unfair advantage to move on to other attack victims after Lehman Brothers Holdings Inc. Merrill Lynch & Co. — being bought by Bank of America Corp. in a $50 billion shotgun deal — or giant insurer American International Group Inc., which reportedly appealed to the Federal Reserve for emergency funding, were said to be among the likely targets.
New York Gov. David Paterson said Monday that AIG will be allowed to use $20 billion in assets held by its subsidiaries to provide cash needed for the company to stay in business. Paterson asked state insurance regulators to essentially allow AIG to provide a bridge loan to itself.
The investors have clamored for the SEC to institute another emergency order similar to its ban from mid-July to mid-August against naked short-selling of the stocks of mortgage finance companies Fannie Mae and Freddie Mac, and 17 large investment banks — including Lehman and Merrill.
The SEC's temporary order required short sellers to actually borrow shares before selling them. By law, it could not be extended beyond Aug. 12.
Cox has said the order helped prevent potential "distort and short" manipulation of stocks, which occurs when rumors and misinformation are used to drive down the price of a stock that has been sold short.
anyone else having problems with L2 on this one?
ARGH!!! well good luck to everyone.
PIT for week 2.....almost forgot to make a pick.
slow day/week in general
Seems to be a pretty slow day today. Actually this whole week has been relatively slow :(
UBSS on bid @.0002.....sweet
Posted by Iron Heart on Tuesday:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32042393
Posted by: Iron heart Date: Tuesday, September 09, 2008 3:31:41 PM
In reply to: None Post # of 6476
BUY/SELL ratio looking good!
64M/50M
What do ya mean by an abundance? Do you think that if the stock doesn't go up the day that you by into it then there is an abundance of shares out there? Can you post your DD that has caused you to come to this conclusion?
LOL....I would think so too but others don't. I was happy when I bought in @.0005 and even happier to average down @.0002. Patience is a must in any stock.
Train, FFGO is a whole different scenario. And by no means am I here to bash. NSS is a big problem that effects the PPS and everyones pockets. I'm only pointing out the fact that there were over 160,000,000 shares that Failed to Deliver up to 6/23. I've been holding this stock since back then, and if you take away those 160,000,000 phantom shares that were created; where do you think the PPS would be now? This isn't nonsense and this is a form of dilution. If this were the company doing it everyone would be screaming bloody murder, along with every explicative directed at the CEO. IMHO it is a big problem with the whole stock market and needs to stop. NSS has nothing to do with the company at all, actually it hurts the company.
alexindef has a great explanation here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32036610
N/P and please, spread it around.
Sounds like a politicians explanation. I'm sure that they would have to pay more than what they charge you on commission? So I guess that makes sense?
Yeah, also kind of worthless being 2 months old. But you can go back and look at some of your past trades and see how many FTDs there were. It's seems to be a good start at addressing the situation. Would be nice to have this information on a intraday basis.
It's a record of all the NSS. Although not up to date it does prove that they have a record of the NSS or FTDs on a daily basis.
So looking back on 6/23 you can see that there were over 160,000,000 shares that failed to deliver. Or in other words there were over 160,000,000 phantom shares traded up to that point. Thus diluting the SS and bringing the price down and killing the run. We've all been so worried about the companies diluting because we haven't had this information before, not that I was aware of, and now with all the attention to NSS the SEC is having to come clean.
For those of you that haven't seen this presentation about Naked Short Selling, check it out.
http://www.businessjive.com/
And read this post by alexindef that was posted today...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32036610
HHMMM, strange, my charts didn't post. Anyway, check this site out.
http://www.failstodeliver.com/
Nice, thank you
Does anyone have an updated SS?
Can you guys help me make sense of all of this. Here is a renko chart and a FTD chart. It looks like when the PPS started moving up on 6/11, the FTDs also started moving up, killing the run. I would have to say that the PPS and support lines should be much higher but due to the NSS, they have brought the PPS down to where it is today. Looks like blatant manipulation to me. Starting on 6/03 the NSS started accumulating to a whopping 160,238,900 shares. Peaking on 6/23 and then dropped to 0 FTDs around 6/24. And the PPS started dropping on 6/25. I still don't understand the full concept of how this all works. Any thoughts? I'm still trying to get my head around it. Some are blaming the company, but maybe there are more people, entities, involved that should be considered.
Want to see FTD for your stocks? Check this link out.
http://www.failstodeliver.com/default.aspx
Indianapolis Colts for me please
Great board here everyone. Have you seen this page?
http://www.failstodeliver.com/default.aspx
cya $treet and all tomorrow
TRKB .0006 back up
LYLP consolidating
PNHL 1@.0004
PNHL waking up
TRKB 2@.0006.....3@.001
TRKB 1@.0005....1@.0006.....3@.001
TRKB .0005 X .0006 2X2
TRKB .0006 print
TRKB .0006 up
TRKB 1@.0005.....2@.0006.....2@.001
TRKB .0005 print...2 left
TRKB .0005 up
TRKB nice volume @.0004....1 left
Good to hear you're okay and the storm wasn't as bad as it could've been.
TSHL next resistance at .001
SEVO next resistance at .001