Global Links Corp (fka GLKC)

[klmill]

StockGate: Senate Democratic Leader Joins Republican Leader In Regulation SHO Concerns


May 16, 2005 (financialwire.net via COMTEX) -- May 16, 2005 (FinancialWire)
Another high-ranking Senate figure, the Democratic Whip Senator Richard Durbin
(D-IL) has joined the Republican Whip, U.S. Senator Robert Bennett (R-UT) in
questioning U.S. Securities and Exchange Commission Chair William Donaldson
about what they perceive as the failure of "Regulation SHO" to curtail
law-breakers.

In a recent FinancialWire exclusive, a shareholder, Dennis Smith, was told in an
email by Wells Fargo (NYSE: WFC) that it can not provide delivery of Global
Links (OTC: GLKC) because it and E*Trade Group (NYSE: ET) are hopelessly short.
The individual who started the controversy, Robert Simpson, has said he has also
been unable to get delivery from Oppenheimer Holdings (NYSE: OPY).

Some have suggested that Simpson might be able to file for an injunction against
Oppenheimer, in its dual role of market-making, if it continues to sell stock in
a company whose shares it has already stated it can not deliver.

Senator Durbin's letter to Donaldson appears to sharply contest the Depository
Trust & Clearing Corp.'s contention that it has no role in Regulation SHO.

"I am writing to request information regarding the June 23, 2004 Securities
and Exchange Commission (SEC) short sale regulation, designated Regulation SHO.
On March 9, 2005, the Senate Committee on Banking, Housing, and Urban Affairs
held a hearing on Regulation SHO, in which Chairman Bennett spoke with you about
the regulation's effects on the illegal practice of naked short selling. I thank
you for your testimony and I hope that you can follow up on some of my concerns
not fully addressed by the Banking Committee hearings.

"I appreciate the efforts of the Securities and Exchange Commission (SEC) to
control abusive short selling practices. As a result of Regulation SHO, the
names of firms with large amounts of unsettled shares are published on the
Threshold Security List daily. This list assists individual investors in making
informed decisions about potential manipulation of the market, and gives
regulators and investigators a centralized list of firms with significant
numbers of undelivered shares. However, it has come to my attention that
Regulation SHO may not be curtailing abusive naked short selling practices.



Full story at:

http://quotes.freerealtime.com/rt/frt/N?symbol=GLKC&art=C2005051600136r5491&SA=Latest%20News