Found this on another board on raging bull.
Neal
Naked shorting. Finally getting the attention of Congress. There are links to committee members. Would urge anyone in their states to email or call.
Major Media Coverage
While this has been largely a grassroots effort in the past, with only a handful of publications covering the story, including www.faulkingtruth.com , www.financialwire.net , www.investigatethesec.com , and Judith Burns of Dow Jones, there has been an upsurge in media coverage lately, as the major media has finally begun to recognize the significance of the story. But while media outlets such as the San Antonio Express-News and WNBC in New York have done recent stories on Stockgate, NBC's Dateline continues to sit on a segment that has been in the works for well over a year. Their segment, which was originally scheduled to air in early 2004, has been postponed numerous times, and, according to our sources, is now scheduled to air "sometime before April 15th". I'll believe it when I see it. After the events of the past few weeks, the scandal might be well on its way to being resolved by the time Dateline finally gets their act together.
Congress To SEC: "Regulation SHO is Not Working"
While thousands of investors have joined advocates for stock market reform in speaking out publically, others have been quietly working behind the scenes to convince Congress to launch an investigation into the naked short selling scandal. We have been working with a number of people who have been busy lobbying members of Congress to take steps to end the rampant corruption that has plagued the market for years, and yesterday, those efforts finally began to pay off.
In a hearing in the US Senate Committee on Banking, Housing, and Urban Affairs, Senator Robert Bennett grilled SEC Chairman William Donaldson about the naked short selling scandal, citing the Global Links story and opening his statement by telling Donaldson "You put out a new rule in January to deal with naked short selling, and as nearly as I can tell from my constituents, who feel victimized by this - it's not working." He then went on to read from the Global Links article and said that "this article just last Friday in a national publication indicates that people are still selling short shares that they don't have and clearly are never gonna acquire."
When Donaldson tried to argue that "short selling is not illegal", Bennett interrupted him by saying "I approve of short selling, it's the naked short selling we're going after." Donaldson then tried to describe how the recently enacted Regulation SHO dealing with the naked short selling problem, and was again interrupted by Senator Bennett, whose final comment was "My main message here is that the evidence is Rule SHO is not working, so that's what we need to get into in detail." He concluded by directing Donaldson to present an "in depth briefing" to the committee.
What Now?
This is a major victory for those of us who have often felt as if we have been beating our heads against the wall in this crusade. Mark this day down on your calenders as the day that our voices were finally heard in the halls of Congress, but be aware that this is only the beginning, there is much work yet to be done. Now is the time to step up efforts to spread the word like never before, to contact Senator Bennett and all the members of the US Senate Committee on Banking, Housing, and Urban Affairs, the Senate Finance Committee, as well as your own Congressmen and Senators. Tell them that we demand justice. Remind them that President Bush wants to invest our Social Security money into a stock market where corruption is rampant. Tell them that a full Congressional investigation is the only solution to this national scandal, and continue to spread the word to the media and through the internet. Then, and only then, will our markets once again be safe for investors.
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To contact members of the US Senate Committee on Banking, Housing, and Urban Affairs, go here and click on the members' names:
banking.senate.gov
To contact members of the Senate Finance Committee, go here and click on the members' names:
finance.senate.gov
To listen to Senator Robert Bennett's testimony and SEC Chairman William Donaldson's response from the March 9th US Senate Committee on Banking, Housing, and Urban Affairs hearing, go here, click on "Video Archive" and fast forward to 1:19:30:
banking.senate.gov
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