Janice you worked with what you had to work with. From everything out there, CMKM appeared to be a scam. The end of the story is still not out. One thing that was stated by Jeffries in a letter to the CMKM lawyer was that they had no naked shorts in the stock. They also stated that this stock was under 1.00 and could not be shorted. However, look at the Short listing of stocks under 1.00 that are on the OB short listed thousands!!!!!!!!!!!!!!!!! That is the crime. Month after month those shorts are still listed.
However, I would like your opinion on this post that was over at RB.
Naked Shorting and Fails Around the World, US Embarrassed Again
Location: Blogs Bud Burrell - Front and Center
Posted by: bburrell 10/13/2006 1:46 PM
Japan has announced it is going to Straight Through Processing, and India is doing the same, moving to T+0 shortly. Now it is reported by reliable sources that markets in Europe are shutting down all new naked shorting, and related fails, and forcing gradual liquidation of existing fails.
A company I work with is filing an application for listing on the Offex in London. That Company has been informed that the Offex (similar to our Pink Sheets here) will not permit naked shorting, nor allow fails to deliver.
The AIM market in London is adopting the same rules according to this source, linked to a study began in 2001 by the FSA. The UK has adopted these rules across the board.
Germany has moved to stop all new naked shorting on its exchanges, and is forcing a gradual workout of existing fails.
Switzerland has enforced three day settlement for years without wavering. They don't look very stupid right now.
India's SEBI rejected the DTCC model for its custody system, and permits neither naked shorting nor fails.
Japan's JASDEC has announced it is moving to straight through processing.
So the US and its markets' and regulators' positions on these matters are being roundly rejected globally.
I said some months ago the issue is no longer in doubt. Either the US fixes this horse manure here, or they will not be able to trade in other global environments.
The line forms at the left for the rotten vegetables to be thrown at our pigs. We can always hope they will try to seek retribution against those opposing them. I would personally welcome such an event as a "Retirement Moment", one I can live on and enjoy till I die.
AI
