Paychest Inc (PYCT)

[hop]

What is naked short selling?
It is selling stock in a public company that you do not own and you never deliver to the buyer. Honest people call this stealing. This is done daily by many big banks for themselves and or their customers.

How can this happen in today's environment?
30 years ago stock physically changed hands in person between a buyer and a seller on Wall Street. Today its done electronically. In many cases the stock is sold electronically, but never delivered. In essence our system has trillions of dollars of stock IOU's that will never be collected.

What is the scope of the problem?
It is the belief of many experts and others that trillions of dollars have been stolen from hard working Americans by selling them counterfeit stock that does not exist. This unscrupulous conduct still exists today.

What are the consequences to average Americans of naked short selling?

1. Steals money from hard working Americans by selling them counterfeit stocks

2. Destroys good public companies that have products that can make all American lives better

3. Has destroyed millions of jobs by destroying these same companies whose stock is being manipulated.

The collapse of the economy in 2008 led to an emergency ban on naked short selling..... other countries reacted in the same way and addressed the issue. The United States of America lifted the ban and placed the issue on the calendar for July 2012.... four years later.

The question is what is being done now to enforce the existing rules and resolve it?