Putting naked shorting in a perspective almost everyone can relate to, who here owns a car, but does not have the title to it?
Owning naked shorted shares is like owning the car, but not being able to prove it.
Rarely do we own our cars without having possession of proof of ownership, even though we know we will more than likely sell it at some point, anyhow.
Some (many?) of us have more money invested in HMGP than we do in our own automobiles, so why do we have titled certficates to our cars, but not our bigger investments?
Ya'll REALLY trust your brokers THAT much?
LMFAO!
(I use to do office services for Shearson Lehman Brothers some years back. I had about $20k to play with so I asked the 200 employee branch manager for a broker who would give me good advice. He laughed.)
Ya'll REALLY trust your brokers THAT much?