Correction to my prior post. (Typing too fast with a tired brain)
NBC was scheduled to release their special that they termed STOCKGATE in late 2003. Seasoned pennytraders were thrilled to see that finally about to happen, because they KNEW shorting had gotten totally out of hand and the SEC and other gubment agencies were turning a blind eye to it. Not only were Market Makers working with Hedge Funds in naked shorting, but Broker/Dealers were ALSO in it up to their ears.
Other seasoned traders said the special from NBC would NEVER get released because the feds would make certain it didn't, due to Market Makers screaming "Unfair!"
The NBC airing got put off to supposedly getting their special aired in early 2004. It never got aired and financial talking heads quickly stopped talking about all the naked shorting. That was until the fall of 2008 when the CEO's of the big board companies persuaded the fed to make shorting and NAKED shorting of their shares illegal during the downturn (for about a month to two months) Naked shorting BIG BOARD stocks TOO, and not just pennystocks? Sure enough. But then that got quieted down rather quickly as well.
Why? Because the general public does not NEED to know about that side of making money in the shock market. Leave that to the elite. You and I? Go long and lick our wounds.
Sorry for all the rambling. Happens when I should be sleeping! Nite all.
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