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Strategies & Market Trends : Americans 4 "No Own - No Sell"
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To: Ga Bard who started this subject10/1/2001 7:35:01 PM
From: Ga Bard  Read Replies (1) of 455
 
Here is a great comment by lion on the petition:
542. lion On or before 9/25, Native Nations brokerage sold Genesis short $60 million backed by stock "borrowed" from MJK Clearing - when Genesis (controlled by the Arab arms dealer Kashoggi)halted trading on its stock on 9/25, its useful value to Native Nations for its net capitalization went to zero, putting Native Nations out of business since it could't do the payback to MJK Clearing. Consequently, MJK shut down, taking down all of the brokerage firms they clear for, freezing the assets of 200,000 accounts around the country. Eventually, like the S&L debacle, people will get their money after the government (us taxpayers) step in to fix it. IF NATIVE NATIONS COULD NOT SELL SHORT ON "BORROWED" STOCK THIS WOULDN'T HAVE HAPPENED- The traders at Native Nations would have cut a fat hog on the deal if Genesis had continued to trade- but SOMEBODY made $60 million while Native Nations/ MJK lost it- This abuse only comes to surface when occasionally something inadvertently or DELIBERATELY goes wrong

We needs tighter regulations against abuses and manipulation. If GENI does not ttrade again the shareholders are merely lambs slughtered and the shorts get away with another scheme. Better to leave it halted than force a cover or bail this abuse out.

P2bAAAT & DSAS
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