>> The market is a ruthless place, but it’s supposed to be. the SEC should let it work--and not cave in to this campaign to suppress the only force that can curb hype in the resurgent microcap market. <<
I've shut down scams. John Metcalf cut a couple hundred million off of market caps, just by LOUDLY exposing crap (true, he probably attracted naked shorts...... :-). The courts are there. The S.E.C. -- which has probably categorized all of my emails as A,B,C,D or sumthin -- is there. Gary Weiss' rationale? Well, it assumes, level playing field, that the bad guys (those who manage scams) can just issue new paper. That's not the case.
Naked shorting is counterfeiting. If you're complying with settlement and and reporting rules, short away! You're legitimately playing on a level field. Otherwise, you are a criminal.
>> Short-sellers argue that the SEC action would eliminate the only market force against over hyped--or even fraudulent--small-cap and microcap stocks. <<
I believe, but do not know, that my complaints to the S.E.C. have led to prison time for some scam artists. I know damn well that my WORDS have cut hundreds of millions from SCAM market caps. For years, it's what I did. I got tired of the threats and hassle. It is NOT necessary to fight crime with crime. Gary Weiss IS FULL OF CRAP.
>> Nowhere does he address the fact that there is an unlimited supply of "virtual shares" <<
Correct. These guys don't want it to settle in...... in place of "naked shorting", one can just use the phrase "counterfeiting". It is a tear in the economic fabric of the world, a press for printing money where the S.E.C. stands to the side and assures that the rip doesn't widen.
I have never been the sort who favors conspiracy models. I have never been in the camp that sees attorneys and politicos, funneling cash to the top and robbing the poor. To be clear, I've always known that attorneys and politicos were robbing the poor. But I've always dissolved to the belief that it's the educated and well-placed silver spoon boys, screwing the poor because they could. But??? If S.E.C. can stand by and watch as a CRIMINAL element of our society as they issue counterfeit shares, for the ABSOLUTE QUANTITY of time that has passed?
What does Weiss say about the JUDGE? Who is it that delivers judgement on these small, illiquid companies? Who among the naked short sellers declares that one company is a scam and another a legitimate gem? We've seem some highly ignorant (did I say Tony?) but vocal judges pass through SI, and they've been influential and arbitrary. |
