If you want to know what the fight is about, these are fails for just 3/31. They don't include x clearing or anything outside the DTCC and are marked to market. You tell me, if they had to cover these, even if they were not allowed to 'fake locate' what happens to the securities industry. But they took the profit. Whatever you show long in a swing account..... do you really own it? Or was it desked? http://www.sec.gov/comments/s7-20-08/s72008-179.pdf
Astonishing. Truly. The SEC is a paper tiger. No, it's worse than that. It's a complicit criminal. The epic and systemic issue of FTDs is nothing short of a mass tort-like crime being perpetrated against ordinary traders/investors every single day, millions of times per day. Will they ever do a single thing about it?
Cox told an acquaintence the night before the WSJ article he would extend it to all stocks. I don't think it's because he wants to. However, I no longer think it's his choice. You saw the Harvey Pitt news today about forming a company w/locatestock.com, John Tabbaco? Figure it out. Pitt did nothing while he was there. Got away, and sided with us. Cox is just a two bit washed up Congressman who will live off the Govt dole the rest of his life while we pay him for being a yes man to the Street. The only thing you can do, besides write to Washington, Patrick says they do listen, is to steel yourself in knowledge that this will break, and you can make your bones in a short window. FNM taught you that. POS going from what, 3 to 13 or whatever. It will do my heart good to know some slob in Westport is on the other side of that trade. Good hunting. It's almost Hedgie season.