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To: Kevin Podsiadlik who wrote (7669)	3/28/2005 10:49:45 PM
From: Jeffrey S. Mitchell	Read Replies (2) of 12465

Investigatethesec.com has a rebuttal, which should be at least be read for the humor content. Here's how it starts: ===== DTCC Responds to Accusations of Naked Shorting Abuses – March 25, 2005 Dave Patch On March 5, 2005 the DTCC published an interview style report on their website discussing the naked shorting issue that haunts them today. The interviewee was Chief General Council Larry Thompson. For all practical purposes the DTCC interview was nothing short of self-serving fiction intended to muddy the waters of the issue at hand. Lets start with cold facts. Settlement failures do exist and exist to levels that have placed as many as 600 eligible publicly traded companies on the SEC’s new threshold security list for excessive and extended failures. This is fact that cannot be disputed by Mr. Thompson or any other as the list is posted daily on all major market web sites. Mr. Thomson alleges that settlement fails represent approximately one tenth of one percent of all daily trade volumes but when isolating those fails to individual companies it can be extremely damaging – manipulative damaging. Below are some of the questions asked, excerpts of Mr. Thomson’s responses, and my breakdown of his statements. etc. investigatethesec.com ===== Here's one funny part: DTC: ...According to their own 10K and 10Q reports financial auditor’s disclosure statements, many of these firms have admitted that “factors raise substantial doubt about the company’s ability to continue as a going concern.” They have had little or no revenue, according to their financial reports, and substantial losses, for periods of seven or eight years... ITS.com: Lets start with the 10K and 10Q Comments. By law companies are required to submit a Safe Harbor Agreement that provides investors with the possibility of failed operations. The quote Mr. Thompson uses is standard in hundreds of company filings. To use that as an example of why this problem exists is clearly intent to mislead. But that is really about fundamentals and the stock borrow program and naked shorting is not about fundamentals. Fundamentals are based on supply and demand and naked shorting abuses the economics of supply and demand. ===== and so on...

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