Phoenix Associates Land Syndicate (fka PBLSQ)

[greenmonster]

RE Naked shorting and MM covering naked shorts

An exerpt from the DTCC website.

We cant do anything we report it to the SEC ?? LOL
What a Joke! Also he says "most" are legal ! Hu? Du? LOL!

Question to DTCC
@dtcc: What causes a fail to deliver in a trade? Is it all naked short selling?

Thompson: There can be any number of reasons for a “fail to deliver,” many of them the result of investor actions. An investor can get a physical certificate to his broker too late for settlement. An investor might not have signed the certificate, or signed in the wrong place. There may have been human error, in that the wrong stock (or CUSIP) was sold, so the delivery can’t be made. Last year, 1.7 million physical certificates were lost, and sometimes that isn’t discovered until after an investor puts in an order to sell the security. There are literally dozens of reasons for a “fail to deliver,” and most of them are legal. Reg SHO also allows market makers to legally “naked short” shares in the course of their market making responsibilities, and those obviously result in fails. We can’t do anything about them but what we are doing: that is, report all fails of more than 10,000 shares in any issue to the marketplaces and the SEC for their action.

The whole hearing

http://www.dtcc.com/Publications/dtcc/mar05/naked_short_selling.html

Gee maybe thats why there have been a multitude of sell trades under 10,000 share lots on Pebbles they dont have to report them/ LOL the whole market "IS" a scam.


Jockee