When my congressman asked me for a simple explanation of shorting...I said this....
Let’s do this…While we meet here in your office, I am going to borrow your car keys and loaned your car out to an Uber driver…You are not using it…So lets put it to good use…The Uber driver races around town,picking up customers. The driver will hit curbs and slide into other vehicles (we had 10 inches of snow last week and the roads are thick with ice....even more so around his office), customers can get sick in your car, there is wear and tear…Before the end of day your car is returned to your parking spot. Is your car worth the same as it was before the Uber driver took advantage of your car sitting idle? Of course not…The same with shorting stock. They borrow at a higher value and return it after it was thrashed (if returned at all). How can something you don't own be sold by someone else? In fact, while I have your keys, I’m going to sell your car to several buyers (naked short - something I don’t own). I have your keys and I will make scores of copies of your title, so I must be the owner…I sell and receive funds from numerous buyers…No incentive to deliver such vehicle. If I get caught I may get fined $100…Hey, cost of doing business. I made multiple thousands and fined only $100. Let me do it again the next time you are in town.
"I get it" was his response. This is when he instructed his aid to get in touch with (several names were mentioned) and at that point I mentioned the lawsuit and the MM's admission, in their MTD, that they only spoofed 94k and if the trial was to proceed the Financial markets will be in turmoil. The gaul of them... Spoofing is spoofing regardless of the amount. He agreed. I then added: "Please read the lawsuit and the other motions..It is enlightening. He asked what case was it and I pointed out the link in my paperwork. He aid said he sees it.
I sincerely believe he took a keen interest in what we discussed. Although I reference mainly, NWBO I said the manipulation is widespread. And I pleaded he gets in touch with the 7 individuals I provided to obtain how significant this abusive behavior is. I'm certain if he calls one, he will feel compelled to call the others.
I left feeling, he will dig into it.
