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Thursday, August 10, 2006 6:44:16 PM
you guys know what naked shorting is...SELLING non-existant shres...and who does that?? the Market makers. Are they legally allowed to do that? NO. but they still do.
and the person at the other end who buys it...is not buying a phony share however. WHY? because all he did is place a buy order for certain shares at a certain price. The MM's, by true practise, will not and should not be selling shares they do not have, but they still do. It's not the buyers fault, it';s the market makers fault for selling an "unavailable share".
So...in short terms, the 25% that Wessal is buyin...is completely legal, as long as they are getting them for the price they bid...doesn;t matter if the Market makers are selling them phony shares...which they shouldnt be doing in the first place.
for example..,lets say i bough 1000 shares today...my order got filled. of course, I own a stake in the company...a legal stake...why? because I paid money and I received shres of the company in return. but the MM's...if they are the ones that sold me my shres in the first place...and if those shares were "legally unavailable"...then it's the MM's fault for selling me this...not mine for buying them with my money.
got it yet?
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