I had no idea how much of a problem naked shorting was until I watched that link. I love how the SEC has grandfathered the existing shorts, for fear of creating a systemic risk to the banking system, yet they deny the naked shorts exist to begin with!
Why grandfather in something that "doesn't exist"!
The power of stopping trading and beginning with a new ticker, is that under Reg Sho, the naked shorts must come clean, and naked shorting will no longer be tolerated for ticker symbols trading after the new regulations went into effect this July.
This should be real fun to watch.
Once again, for anyone interested, here is the link (traffic to the site has been heavy, so you may not get through on the first try. Should slow down later tonight or tomorrow)
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