Micromobility Com Inc (MCOM): Naked shorting is illegal, period. But n...

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Micromobility Com Inc (MCOM)

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Re: None

Thursday, 08/11/2022 8:56:40 AM

Thursday, August 11, 2022 8:56:40 AM

Naked shorting is illegal, period. But note SEC's weasel words.

"Rule 203(b)(1) of Regulation SHO requires BDs to 'locate' the securities being sold, before effecting a short sale.[4] This 'locate' requirement means that BDs must (a) borrow the securities; (b) enter into a bona fide arrangement to borrow the securities, or (c) have a reasonable basis to believe that the securities can be borrowed so that they can be delivered on the delivery due date."

"Reasonable basis to believe" -- in practice and by intent here: laughably interpretative, rubbery, a subjective opinion -- in sum and as employed, a phrase designed to open a gaping loophole.

When over 200% of the float is shorted, the term "reasonable" falls floppy dead along with SEC creds.

$HLBV

ps. Surprise! "Public trust in government near historic lows" -Pew Research poll
https://www.pewresearch.org/politics/2022/06/06/public-trust-in-government-1958-2022/

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