The best part of all this is that the SEC came out the week before that they were cracking down on rumors. The SEC had at least 3 updates on that press release. THEN Cox comes out in the CNBC interview when asked about Naked shorts and the first thing he does is respond by saying that he wants investors to have good reliable information.
After spending a fair amount of time addressing the anti-rumor crackdown, Cox engages in the biggest rumor of the week, naked shorts. By now I would expect that a parade of subpoenas would have been issued to bring these naked shorts to justice, but wait, it is legal, wait it is not, Oh it was preemptive!
For a moment I thought it was time to resurrect the office of precrimes for another go around. Here we are on the front line of BS central dealing with Naked short rumors all day long and the Chief of Police comes out and embraces Naked short selling. Worse, every wingbat purveyor of naked short stories has been given a stamp of credibility that will be utilized for years to come. After all, if it comes from the top it must be true.
If the SEC cannot fast track some civil complaints to lay on the platter relative to this naked short selling, then they are to be shamed as purveyors of rumors and hypocrites of the highest order, subsequent to their triple release of the anti-rumor position. After all, we want to ensure that the street is getting good reliable information.
Derb
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