Citigroup Lobbying SEC to Reinstate Short Selling Ban....Breaking

Discussion in 'Wall St. News' started by ByLoSellHi, Nov 20, 2008.

  1. Just announced on Bloomberg.

    Good thinking, Citi, as that worked so well before.

  2. Get ready for a 2000-point up-day in the Dow Jones.

    (Jaw drops) :cool:
  3. yea hope i can see my portfolio go back %50 which i dont think will be possible
    And i thought you can,t short any stock under $5
  4. With the market back in negative territory the propoganda machine must generate some positive news for the Dow to close above 8,000.
  5. Daal


    guess pandit needs to bounce to unload
  6. Just another reason to end the two party system....

    Ok Citi has some change......and made hurrendous decisions

    which have reaped havoc on the economy...


    Time for the new world wide stock exchange that does away with the likes of these type firms....

    The days of the old business models have ended......

    Trust has been lost for a very good reason.....

    Time for change...

    Not continuing the same flawed system.....

    GS, MS, the list goes on.......good had your it is someone elses'.......

  7. Paulson and Buffett too! :cool:
  8. =====================

    That may not even help him much ;
    he needs buyers other than some short covering,
    @ prices he got in.
  9. After Lehman brothere people dont trust any one any more
    When the bail out had come i got out of some position .
    There is no confidence in the market at all
    If a person like me has seen $10K go to 5K in like 20 days imagine the people who have very large position :(
    And i dont have the balls to average down now
    Cause i saw peple average down C at $14 , $ 10 $8 and now it is at $5


    Regulators to discuss short selling rules

    By Joanna Chung in New York

    Published: November 21 2008 01:04 | Last updated: November 21 2008 01:04

    Global securities regulators will gather on Monday to discuss rules on short selling and disclosure of credit derivatives, the head of the US Securities and Exchange Commission said on Thursday.

    Christopher Cox, SEC chairman, said the meeting, to be held via teleconfrerence, would address “urgent regulatory issues in the ongoing credit crisis.”

    The announcement came during yet another tumultuous day of trading in global stock markets.

    “In addressing turbulent market conditions, it is essential not only that regulators act against securities law violations, including abusive short selling, but also that there be close coordination among international markets to avoid regulatory gaps and unintended consequences,” Mr Cox said in a statement on Thursday.

    The International Organization of Securities Commissions, which includes securities regulators from around the globe, will consider the effectiveness of their recent actions to reduce abusive short selling, without hurting legitimate shorting.

    Short sellers, who profit from price declines, have come under fire during the crisis, blamed for driving down share prices of vulnerable financial institutions.

    The SEC had temporarily put in place emergency measures barring short selling on financial institutions but they expired early last month. Other regulators have also installed rules banning short selling.

    Mr Cox said regulators will explore “possible coordination” on rules relating to naked short sales – when shares are sold without being borrowed first– in particular with regard to position reporting and delivery and pre-borrowing requirements.

    They will also discuss developing disclosure principles to promote transparency in over-the-counter markets for derivatives and other financial instruments. The meeting will also focus on credit rating agencies and international accounting standards.

    “This high-level coordination among international regulators will allow us to review the steps we have taken thus far and ensure that our ongoing and future actions are effective and mutually reinforcing,” Mr Cox said.

    Copyright The Financial Times Limited 2008
    #10     Nov 21, 2008