Orangeman:
“We are particularly concerned about the potential negative effect that substantial and persistent fails to deliver may be having on the market in some securities. Specifically, these fails to deliver can deprive shareholders of the benefits of ownership - voting, lending, and dividends from issuers. Moreover, they can be indicative of abusive naked short selling, which could be used as a tool to drive down a company's stock price. They may also undermine the confidence of investors who may believe that the fails to deliver are evidence of manipulative naked short selling in the stock. In turn, issuers may be harmed, as investors may be reluctant to commit capital to a stock that they believe is subject to abusive naked short selling.”
Christopher Cox, 28th Chairman of the Securities and Exchange Commission
Basically, regarding the existance of NSS and the effects on capital markets, one must consider the following. Are you going to believe the SEC Chairman...or are you going to believe Orangeman?
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