Thanks...I caught just the tail end of a blurb on that and was looking for the story but hadn't found it yet.
I'm going to take a close read on that and see if it looks like it's real and has some teeth.
The first thing that strikes me is the timing of it. After the market plunges and the economy is in the most dire straights it's seen in almost 100yrs.
In other words....a very easy time to cover your shorts. Better late than never though I guess...if it's real. We'll see.
Goldman Sachs is down 15%. Morgan Stanley is down 22% inspite of releasing early earnings report with positive earnings. AIG down another 45%
Silver is up...for the moment.
Everything is trading like subpenny pinksheets now. Wow! What a mess.
May be a shortcovering rally on SLV/GLD in the face of further dollar dilution/liability and even the new delivery rules about to take effect?
Damn! Just caught the tail end of the CNBC piece on short and naked short selling. It's now a crime to "fail to deliver".
Hmmmm...should always have been a crime. And NOW they're admitting it happens. Gee, just a little behind the curve aren't they.
Cramer is suggesting we try the uptick rule again just for laughs since 1/2 the govt's balance sheet is now at risk in Fannie and Freddie. Of course the hedge fund guy is all against that. LOL
Man! Greed begets more greed. It's never enough for these guys. They won't be happy until all of us AND the US GOVT is bankrupt and they have it all stashed in their tax-free offshore accts.
This is kind of amusing in a sickening sort of way...I read the press release you posted and excerpted below and decided to check the REGSHO list to see what was happening.
What I found was 20 new stocks ADDED to the list today and 12 REMOVED from the list today. In other words....the list is still GROWING, and nobody is apparently too worried about covering any naked shorts.
I suspect that this is because either the existing naked shorts are "grandfathered in" like they were when the regulations first came around in 2004 or they just don't give a shit because they know it's another toothless lion.
I posted the link to the Sho list at the end of this message just in case anyone wants to take a look.
FOR IMMEDIATE RELEASE 2008-204
Washington, D.C., Sept. 17, 2008 — The Securities and Exchange Commission today took several coordinated actions to strengthen investor protections against “naked” short selling. The Commission’s actions will apply to the securities of all public companies, including all companies in the financial sector. The actions are effective at 12:01 a.m. ET on Thursday, Sept. 18, 2008.
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