SEC Proposes Naked Short Selling Anti-Fraud Rule

Discussion in 'Trading' started by ronblack, Mar 7, 2008.

  1. ronblack


  2. The Commission stated that, while proposed rule 10b-21 is primarily intended to assist the Commission’s enforcement of the antifraud rules, courts have found that Section 10(b) of the Securities Exchange Act of 1934 (the statutory basis for proposed rule 10b-21) generally provides investors with a private right of action.

    "primarily intended to assist the Commission’s enforcement of the antifraud rules,"

    Don't look like much. A new tool to collect fines. If this proposal is intended to assit the SEC, I'm not sure this will translate into an real added protection to the investors if the SEC doesn't investigate.
  3. Rumors Cox is resigning. He listened to the wrong powers on this. And he's toast. The politicians are some kinda pissed, because now, they're holding the bag, and the palm greasers got no grease left. There is a big cover your ass scramble right now. Hell, that's what the commission meeting was about. Notice there were only three commissioners. Annette "they only want there stocks to go up" Nazareth is gone. Aguirre is hot on their trail, and we have a new IG. The excrement is going to hit the wind oscillator. I think the new IG is on the ball.

    Think about it. If 'deleveraging" is happening, what is naked shorting? The ultimate leverage. Selling nothing and collecting vig. They've made a fortune up to now. But that's parked (story tonight that Clinton is hiding Marc Rich pardon documents.) laundered and out of the country. So now, the Clearing Firms are sitting with a huge unsecured debit. I would anticipate huge short squeezes in selected securities. As a matter of fact, I am anticipating huge squeezes in selected securities:)

    Ps. Why is Sykes going to be upset? I dont' follow the guy. Just interested.