bobbybdb, Do you understand what air shares are?
They are shares we ordered from a broker who took our money, put an IOU in our account and then never obtained shares from another party to fill that order. As a result, we end up with an IOU in our account with no certificate whatsoever to back it up that IOU (ie we have naked shorted shares).
Your statement that, "if they never obtained certs to begin with we would never have ever traded period" is incorrect. The brokers could sell BCIT shares all day long and never obtain a cert to back them up. This DOES happen. 38 brokers were just indicted by the SEC for doing just that, selling naked shorted shares just as I described. The SEC has only scraped the top of the mountain. IMO, there is far, far more of this going on in the market.
The BCIT brokers got greedy and took this to a level surpassing anything we have heard of before. It wouldn't surprise me to find out that there were more than a billion shares sold into the market this way.
