bet's friends

[fourkids_9pets]

hmmm

how non surprising ..

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4kids
all jmo

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The SEC and Naked Shorting
By Alexis Glick

Yesterday on Money for Breakfast, Paul Atkins, one of the commissioners of the SEC, whose tenure expires this Friday, joined me to discuss the SEC’s temporary naked short sale progress. By my measure, since the day that the SEC announced the emergency rule change on Tuesday July 15th, the SEC has seen its plan manifest itself in a big move to the upside in the stocks that were given access to the discount window. Take a look at the percentage gains on some of the names on the list since it was announced. Note I did the math the old-fashioned way: on a piece of paper. Hopefully my second grade math is decent. What would we do without calculators?

FNM up almost 65%
FRE up almost 60%
LEH up almost 30%
BAC up almost 60%
C up almost 30%
JPM up almost 27%
Dow in that same period rose from 10,962 to 11,370 or roughly 3%
WM up 23 cents according to Friday’s close or 6% (Not covered under the rule)
WB up almost 60% (Not covered under the rule)

There you have it. Now as you and I both know there are a lot more names on the list and almost all of them have fared very well. I didn’t list performance based on when the rules went into effect because once it was announced the short covering started. Also of note is that some of these companies reported in the past couple of weeks and pure fundamentals have clearly played a role in their performance. Also check out Wachovia Bank which was not on the list but has fared better than one might have expected. Will the SEC take into account the performance of financial institutions not on the list to see if the temporary change needs to be extended to all banks or financial institutions? Absolutely! The decision to extend the naked short selling rule will be decided this evening.

http://glickreport.blogs.foxbusiness.com/2008/07/29/the-sec-and-naked-shorting/