Phoenix Associates Land Syndicate (fka PBLSQ)

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Naked short selling


Stockgate: "Can We Talk?"
By Mark Faulk
Nov. 27, 2005


The North American Securities Administrators Association, Inc is hosting a "forum to explore possible market manipulation through naked short selling activity" on Wednesday, November 30. The “NASAA Listens” Forum is scheduled for November 30 from 1 p.m. to 3 p.m. at the Paris Ballroom of the Sofitel Lafayette Square Hotel, 806 15th Street NW, in Washington, D.C. The Forum is free and open to the public on a first come, first serve basis. To reserve a seat, please contact Lonnie Martin, at 202-737-0900 or [e-mail] , by November 28.

While The Faulking Truth commends the NASAA for taking steps to address the issue of naked short selling, we are taking a wait and see approach before donning our party dresses and dancing in the streets in celebration. Let's be honest about this, there has been a lot of talk about this scandal over the past year and a half, and after the cancellation of the planned Senate Banking Subcommittee hearing by Chairman Senator Richard Shelby (R-AL), the Dateline "expose'" fiasco, the implementation of SEC rules that have done nothing more than point out just how pervasive the problem really is, and the major media's general botching of the entire story, we've grown just a bit cynical about another afternoon of talking about doing something about it.

We first reported that several states were opening investigations into the massive fraud that has crippled the stock market over a year ago, and with DTCC trade settlement failures maintained at over $6 billion per day, every day that no real action is taken is one day too many, every week that passes without major reform in the market is another week of the wealthy robbing the middle class, every month that is spent, as Senator Shelby's aide Jonathon Grassio put it, "monitoring the situation," is another month where our own government is implicit in the defrauding of it's own citizens.

This is our national shame.

To read the rest of this article, go to:
http://www.faulkingtruth.com/Articles/Investing101/1044.html

(Editor's note: I will be attending the NASAA Forum on Naked Short Selling in Washington, DC this coming Wednesday, and will follow up with a report on progress made there. Keep your fingers crossed. And if you plan on attending the forum, email me...we'll do lunch.)

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