August 29, 2005 Naked Short Selling Subpeonas Issued to Firms
The stock loan departments of 35 brokerage firms are now being issued subpoenas. The subpeonas were issued by the Department of Justice as well as the Securities and Exchange Commission. This is most definitely in connection with the ongoing practice of naked short selling. It is defined as selling short without borrowing the necessary securities to make a delivery, thus resulting in a failure to deliver the securities to the rightful owner. The main goal of naked short selling is to engage in harmfully affecting the price creating downward pressure on the security. Today, that pressure is being forced upon various brokerage firms that have failed to stop the practice, even with the installment of Regulation SHO, which was supposed to prevent naked short selling. More to come soon as the Fed is finally starting to crack down.
Posts: 1113 | Registered: Jun 2005
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Yellow Submarine... Great post...thanks ...It's about damn time...Call in Elliot Ness and the Feds...
Posts: 2660 | From: Pennyland USA | Registered: Jun 2004
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i dont see this information on any other websites so, i wouldnt take it seriously yet. good news if its true though.
Posts: 824 | Registered: Oct 2004
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The U.S. DOJ is finally on the freakin' NSS case...................
Can you imagine what will happen to the Pennies and Pinks when even the Mega-Libbo-&-in-bed-with-the-MFMMMs-rag the "..New York Slimes.." is forced to print this '..Raping-of-the-American-Investor.." story - in their own hometown..!!!
After they read all about it in the Christian Science Monitor or their personal copy of the Choich of Schine-on-tology and the Tequila Sunrise Weekly of course...!!!
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Investigate the SEC posted it on Aug. 27th and they said it was only a rumor. But some people have ran with it as fact. Until a real news site says its so we can only hope its true. But it is only a rumor with no verifiable source.
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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