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camper9

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camper9

Re: frogdreaming post# 101260

Monday, 09/12/2011 10:19:07 AM

Monday, September 12, 2011 10:19:07 AM

Post# of 118239
No, my premise is the shares that I buy and that are held in street name are merely IOUs in my account. Those shares are not in my name. Those shares do not need to be actually delivered until, e.g., I ask for certs.

That was my premise.




The premise here is that it is the broker and not the MMs that are the perpetrators of the fabled 'naked short' conspiracy. The broker merely takes the money for the requested transaction, puts an IOU in the account and doesn't buy any shares at all.

 

The problem with working outside the law, you no longer have the protection of it. 
 				-- Truman Capote.

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