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Re: TheCEO post# 34888

Wednesday, 06/27/2012 1:50:44 PM

Wednesday, June 27, 2012 1:50:44 PM

Post# of 116863
An SEC complaint about Knight may start to bring stability to the Market Maker pressure on this stock.

A quick search disclosed (I think on Wikipedia):
"Knight was formerly known as Knight/Trimark Group, Inc. and Knight Trading Group, Inc. Initially, Knight Trading group had multiple offices located in the United States and in other cities around the world. Knight's Asset Management offices were headquartered in Minnetonka, Minnesota, with offices in Hong Kong, China, and London.
In 2002, Knight paid $1.5 million to settle regulatory charges of violations such as not respecting posted quotes. Knight neither admitted nor denied the allegations.[3] In 2011, the company was worth $1.5 billion and employed approximately 1450 people.[4] In 2004, the company paid a $79 million settlement to customers whom they had overcharged.[5] In 2008, Knight traded an average of 3.97 billion shares per day."

All the short selling I've been following on this stock for several weeks (which at times has been half of all trades) suggests that it is illegal Naked Short Selling (NSS) as some on this board have suggested. Now when the company itself is fully reporting and issues PR of substantial work in progress it is ridiculous for the stock price to continue being driven down by naked short selling. No amount of Due Diligence can offset people selling stock without having it in hand or borrowed in a legal manner.

Naked Short Selling is simply a swindle of investors.

I think some appropriate letters to the SEC, perhaps with copies to the President of affected companies, would be appropriate at this time. The President would want to claim "plausible deniability" about any illegal trading and try to keep his/her skirts clean, perhaps by firing Market Makers who want to engage in illegal activity. A CEO like Jamie Dimon of Chase called before Congress will admit wrongdoing, blame someone else, fire them, keep his own job, and seek a raise or bonus.

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