Don't delude yourself. Though there are elements of free market capitalism existing in the US (particularly with regard to small businesses.) In the broad economy, we've been very far from free market capitalism for a long, long time. Our government is a government by and for big businesses and special interest groups with money or voting clout, such as the AMA AARP AHA, etc. We are just as far from free market capitalism as socialism is. I'm not taking any position here re good or bad, just pointing out reality. In true free market capitalism the customer or client can vote with their feet. But to make that work you have to have a government that serves as a watchdog to prevent cartels and monopolies and keep the market place truly open. The managed (poorly at times) economy of the American Republic is far from the free-enterprise capitalist model. One could even say that attempts by the Reagan and latter Bush administrations to move the US toward a capitalist model (in their minds at least) by removing or ignoring regulation, have so far proved to be utter failures. And that's to be expected, since, ironically, to have any hope of maintaining free markets you have to have very strong government oversight and regulation. The exact opposite of what the Reagan and Bush administrations attempted.
So what's the penalty for this: Rule 10b-21 - Short Selling Anti-Fraud Rule The SEC needs some criminal felony heavy jail time penalties if it's going to work. Or what's the penaltes for any of the other naked short selling rules for that matter? All I see are more rules and no bazooka.
Naked shorting is a tool used to destroy equity of companies so they cannot survive - so they never have a chance. By it's definition, it would be targeted to companies who are stugglling. Lately, it' s morphed tothe big names. UAUA? Think that was a mistake? the authorites don't think so. Naked shorted? Probably, but it definitely was a planted story with a purpose. Bear? We can show you the fails off SEC data. LEH, AIG? They'll show up next quarter. How's that for transparency? I'm very tired listening to people who have done no work, but opine. Some of you are paid. That, in hindsight you will find, was not a good business decision. The rest of you, based on the work ethic you display in this board, won't be around that much longer anyway. What some of you fuzz cheeked punks may never understand is, you have tests in your life. You will have choices. Sometimes the right choice is painful. I found that out. I stood by Patrick Bryne when Buffett and his Dad said, "don't go there. It's too big." But you morons want to quote Arturo Bris, who's on scholarship from the DarkSide. If Warren Buffett says, "it's too big", how big is it? Supersize those fries, will you?
The SEC doesn't have criminal jurisdiction. They make a case, and turn it over to Justice. I suggest you search for "jonathon curshen." Arrested 9/4. That's your clue what's coming. Here that, paid posters? DOJ. Arrests. Contagion.
I doubt it will make much of a difference in the long run anyway. It'll take longer for a stock to fall but fall it will still do.
Listen Hydrocunt: You have already admitted that you no longer trade and will never place another trade in your life. Translation: the market chewed you up and spit you out broke and homeless. You're probably back to your old job of delivering pizzas, so go blow your boss now.
I'm with you on this one Tiger. My concern is whether data gathering and reporting are in place and sufficient for effective enforcement. We have needed this for a long time.
My thoughts exactly. ProShares MMs are going to have fun trying to locate for the 60M shares changing hands daily in SKF. Also curious how this is affected by continuous net settlement.