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Author Topic: SEC to limit naked shorting of Fannie, Freddie, brokers
IWISHIHAD
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Originially posted by Machiavelli:

"As for your statement about Costa Rica and American businesses... yes you are wrong... i never said anything about how they treat that country and/or it's poor."

"I can speak for people in Costa Rica and Chile where I have friends and/or families. I know of no one that has benefited in those countries from the U.S. Gov't. And it shows in their anger believe me when they tell me. Everytime Bush or a Republican president for that matter announces a "tour" of Latin America they laugh in CR because they know it's all talk.

That's not to say there isn't private investment in CR because there is but do not think for a second they are doing it to boost the economies down there or that they are doing because they care. They care about the almighty dollar and thats why companies like Coca Cola, Intel, etc. are in CR."

"Again like I said and why does this "aid" go there? To ultimately benefit the U.S. economically by being able to put McD's or whatever in those countries. They aren't doing it for humanitarian reasons. Don't kid yourself lol My family lives there not yours."


_________________________________________________


Quote Iwishihad:

"You of all people should be against some of the principles involved in your statements.

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Machiavelli
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quote:



"I can speak for people in Costa Rica and Chile where I have friends and/or families. I know of no one that has benefited in those countries from the U.S. Gov't. And it shows in their anger believe me when they tell me. Everytime Bush or a Republican president for that matter announces a "tour" of Latin America they laugh in CR because they know it's all talk."

And? Your are taking my words out of context because in none of them I said they treated the poor badly. I only said they are not doing it because they care for anyone there and are doing it for selfish reasons. As for this above statement, I can't remember the last time a Republican president visited CR.

quote:
That's not to say there isn't private investment in CR because there is but do not think for a second they are doing it to boost the economies down there or that they are doing because they care. They care about the almighty dollar and thats why companies like Coca Cola, Intel, etc. are in CR."
and? Again I didn't say they treated the poor badly just that they do things for selfish reasons...

quote:
"Again like I said and why does this "aid" go there? To ultimately benefit the U.S. economically by being able to put McD's or whatever in those countries. They aren't doing it for humanitarian reasons. Don't kid yourself lol My family lives there not yours."
Should I repeat myself a 3rd time? Better come up with something better then those statements since you obviously have nothing but time.

quote:
"You of all people should be against some of the principles involved in your statements.
Costa Rica has it's own stock market though small that it is. And I would short stocks there if the stocks are weak and I have any indication that they will go down. None of statements above have to do with the topic at hand especially horseracing lol

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Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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T e x
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back to the topic:

http://biz.yahoo.com/ap/080923/financial_meltdown_investigation.html

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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buckstalker
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I will bet that there will be members of congress on both sides, that will also be implicated in this investigation...

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It's all in the timing...

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T e x
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one can hope

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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glassman
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OK, here's some figures that i have yet to verify, but this is a Forbes op-ed article:

Naked In Wonderland
Patrick Byrne 09.23.08, 12:50 PM ET

Byrne is the OSTK CEO so he has an ax to grind.


The Securities and Exchange Commission has revealed that, during the second quarter of 2008, there were $14.9 billion in stock IOUs at just the tip of the non-settlement iceberg. The commission refuses to reveal (and, in fact, may not know) the size of the whole iceberg. Public data suggests the entire bucket may be over $150 billion; settling it would cost more than $150 billion, but perhaps far, far more.


http://www.forbes.com/opinions/2008/09/23/naked-shorting-trades-oped-cx_pb_0923b yrne.html

this is another shoe already dropping...

In an absurdity worthy of Lewis Carroll, the SEC promulgated a temporary (and now expired) emergency order against doing to these and 16 other firms what has been illegal for seven decades: selling non-existent stock and deliberately relying upon stock IOUs. That the 19 companies protected included prime brokers widely thought to be enabling naked shorting against other firms may only be described as "Kafkaesque."

Since its Aug. 12 expiration, four of the 19 firms have been lost. The rest of the financial market balances on a precipice as the SEC temporizes, adopting half-measures with Nerf penalties, draconian measures (such as forbidding all shorting in financial stocks), contradictory measures (re-opening the option-market-maker exception for financial stocks), and "don't ask, don't tell" measures (such as yesterday's, requiring option-market makers not to sell puts to someone they think is increasing a net short position in a financial stock).


i am seriously concerned that Naked Shorting has in fact led to cash being in certian traders hands and NEVER held in escrow or trust...

because proper borrowing procedures were not in place? it is quite possible that the cash was not set aside from the proceeds of the short sales, but was instead "re-invested" [Roll Eyes] and lost...

the money is probably GONE to cover the shorts...

people need to go to jail if this is the case.. for along time...

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glassman
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Harvey Pitt (former SEC cheif) on naked shorting, yesterday.

he says it's systemic too:

http://www.cnbc.com/id/15840232?video=935343729&play=1

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Don't envy the happiness of those who live in a fool's paradise.

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rhwdetroit
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Pardon my ignorance on this, but why haven't Freddie and Fannie been delisted?

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"When you're in a hole, the first thing you do is stop digging." -H. Ross Perot

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