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Alias Born 05/18/2011

Re: Sam'd'Mil post# 5206

Wednesday, 06/15/2011 7:34:40 PM

Wednesday, June 15, 2011 7:34:40 PM

Post# of 38832
The question is, how many illegitimate shares got sold into the marketplace today? Like you said, the fireworks come when the brokers call in the covers on all the naked shorts that peeps cannot cover with the 2.5x cash requirements for short positions. I also remember that with GBOED, once the fireworks began, many brokers stopped allowing new buys and only allowed you to sell what you were holding.

What I really feel bad about is the peeps who will be on the hook for potentially millions of dollars if this thing really takes off. Brokers never have to cover this type of mistake, as they have wording in the contracts we agree to that if share counts are wrong, the onus is "on us", not them....

Tomorrow should be interesting, that's for sure!