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Politics : Gold and Silver Stocks and Related Commentary

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To: loantech who wrote (2255)	1/2/2005 11:23:37 PM
From: The Vet	Read Replies (1) of 18308

loantech, the operative sentence in that piece on regulation SHO is Failures to deliver prior to Jan. 10 will not be counted initially. That really means that the SEC is not going to act at all on existing naked short abuses, but it is going to attempt to restrict further abuses. However the combination of not considering all failures prior to the 10th Jan and the exception allowed for "bona fide" market making (an obvious oxymoron when you think about it) by the MMs who can still sell and not deliver (to create an "orderly" market) will ensure that regulation SHO can be easily sidestepped by any broker or dealer with a cosy relationship with any MM. How can creating phantom naked short shares and selling this phony, counterfeit, undeliverable fiction for cash to an unsuspecting member of the public can be considered by the SEC or any reasonable person as a "bona fide" market making activity? That has never been explained by anyone in the industry or the SEC, NASD, DTC, DSCC or any other security regulator to my knowledge. I don't expect a response here either.....

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