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Replies to post #347273 on CMKM Diamonds Inc. (fka CMKX)
twbrokewaterhouse Tuesday, 03/15/16 11:53:15 AM
Re: None
Post #
579
of 6820 Go
Patience will pay here folks!
stockhound101 Tuesday, 05/06/08 06:43:52 PM
Re: None
Post #
250575
of 347275 Go
Hello everyone!
Yes, I've been away from this board for a while and was wondering if there was any news, good or otherwise concerning CIM or US Canadian Minerals.
Etrade now has them double listed in my portfolio for some reason and CIM is also strangely listed as
"Casavant International Mining Equity"?
Thanks in advance
jimmym4 Sunday, 04/27/08 04:42:58 PM
Re: Investorman post# 249990
Post #
249994
of 347276 Go
Now investo..Pay attention..Why would he play his ACE in the hole
NOW..?..I am guessing they are giving them every chance to solve it before it get to that?>>>>>>>>>>>>>>>>>>>>>>
We have evidence of the attempt by at least one specific large brokerage firm to purchase for itself, rather than simply transfer, such certificates. However, we will have an expert examining several suspect transactions.”
Now why would they try to buy a REVOKED stock CERT????????
MasterBlaster2u Thursday, 01/25/07 09:18:20 PM
Re: None
Post #
225960
of 347277 Go
In the limelight: A form of short selling is controversial
By RANA ROSEN
Patriot Ledger Washington Bureau
A tense debate continues among companies nationwide over whether the government should crack down on a stock market trading practice known as naked short selling.
The practice involves selling shares of stock to make a profit on their possible loss, without actually having the shares ready for delivery.
At least two Boston-based companies, First Marblehead and Satcon Technology Corp., have been put in the spotlight as a consequence of the Securities and Exchange Commission’s regulation of abusive naked shorting. The SEC is considering additional rules to curb this trading technique.
Market overseers keep tabs on the trading of specific company stocks and put out daily reports on failed stock deliveries.
Short selling itself is not illegal; it’s just another way to make money on the stock market. For example, a short-seller guessing that a stock price will go down could borrow stock from a broker, and then sell it to another buyer for $10. If the stock falls by $2 that day, the short-seller can buy the borrowed stock at $8 and it is delivered back to the original broker. The short-seller, in this case, just made a $2 profit, minus any trading expenses.
But traders must borrow a stock - or determine that it can be borrowed - before they sell it short. Some professional investors take advantage of trading rule loopholes to sell shares without even making an attempt to borrow the stock.
A naked short-seller becomes a criminal if there is the intention to manipulate the stock market by, for example, selling stocks that are never delivered in order to force down a company’s stock price.
Patrick Byrne, CEO of Overstock.com, said this manipulation can destroy companies. He has been trying to draw public attention to this issue since it affected his company, a Salt Lake City-based online retailer.
‘‘No one can go into a hospital’s pneumonia ward, smother whoever they want to, take their money in the nightstand, then leave saying, ‘Oh they were going to die anyway,’’’ Byrne said.
In January 2005, the Securities and Exchange Commission put in place Regulation SHO, which among other things mandates that markets report on companies that are unwittingly affected by naked short selling. The rule also requires large-volume Wall Street traders to try to put a stop to it, requiring them to buy and deliver the shares if the stock wasn’t delivered by the short-seller within 13 days. .
The SEC is considering whether to expand Regulation SHO, which already covers other potential abuses related to short selling.
Byrne of Overstock.com said abusive naked shorting happens more than some industry insiders want to acknowledge.
‘‘I don’t know an entrepreneur that doesn’t know about this,’’ he said. ‘‘They all understand that the game is rigged.’’
Satcon Technology Corp., a South Boston electrical products company, saw its stock price drop from a high in May of about $3 to about $1 today after a pattern of naked short selling.
First Marblehead, an outsourcing firm for private-education lenders, appeared on the Regulation SHO list and was named by Forbes magazine last summer as a target for short-sellers. Forbes wrote that short-sellers knocked down the financial company’s stock from $55 in January 2005 to less than $21 in October. The stock is now trading at around $53 a share.
Henry Hu, a professor of corporate law at the University of Texas Law School, said company executives often complain about legal short selling when their stock prices decrease for any of a number of reasons.
‘‘People like short-sellers provide a valuable social function,’’ Hu said. ‘‘They help set an appropriate price for the shares (because) there is a bias in favor of pushing stocks up.’’
He said there are already adequate laws that prohibit stock price manipulation.
Said SEC Commissioner Roel Campos, ‘‘Short sale regulation has been, is and will continue to be an issue where agreement is difficult to find. All experts, including our own economists, are convinced that short selling provides the marketplace with liquidity and pricing efficiency. However, it must be realized that shorting can be misused for manipulative conduct, as with any trading strategy.’’
Hundreds of individuals and organizations -- recently gave the SEC their opinions on its recent proposal to broaden the reach of Regulation SHO.
The Boston Options Exchange filed a letter opposing one of the changes, saying that ‘‘it is important to remember that short selling serves a legitimate purpose and is not inherently abusive.’’
But an anonymous professional trader from Boston urged the SEC to do more, writing: ‘‘We have rules about short selling and borrowing shares prior to shorting, and we have a system to detect those who are clearly not following these rules, yet the consequences for breaking these rules are nil.’’
Copyright 2007 The Patriot Ledger
Transmitted Wednesday, January 24, 2007
grtcli Wednesday, 04/28/10 11:37:30 AM
Re: None
Post #
303831
of 347278 Go
The next update will be that Obama has approved the settlement as well as the Democratic side of the isle but the Rebublicans are blocking it to create a fillibuster to protect the conspirators like Bush and Cheney.
