WyoInvestor,
In the old days, out here in the west, when someone sold the same horse or herd of cattle more than once to different people, they usually ended up hanging from a tree.
Today the most successful thieves become folk heroes and even presidents.
Naked shorting creates phantom shares. In effect you have a bucket shop operation where the trading becomes divorced from the actual stock. The supply of stock is unlimited.
The ability of market makers or specialists to sell stock they don't have is imperative to keep a smoothly functioning market. For others it is pure fraud.
We obviously have a dire shortage of rope.
Best, Terry
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