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To: rrufff who wrote (7680)	3/29/2005 11:59:06 AM
From: Jeffrey S. Mitchell	Read Replies (1) of 12465

The problem is that you hedge fund and MM defenders want ONLY to focus on crappy companies run by promoters... Totally the opposite. Who was it that trotted out Global Links as the new poster child for the naked short movement? It wasn't the so-called "defenders", it was people like David Patch. As we exposed here on this thread, the real reason the stock price was crushed was that there were S-8 shares issued by the company that were immune to the reverse split. Prior to that, the poster child was Aremissoft-- a company nailed by the SEC for massive fraud, with credit right in the complaint given to short sellers for bringing it to their attention. Another oft-mentioned stock by "them" is Compudyne. That was a clear and prosecuted case of insider trading. As for all the people whipped into a frenzy by these naked shorting web sites, their poster child was CMKM. As also documented here, as it turns out, all the shares allegedly created by naked shorts turned out to be created by the company itself. Doh! I'm not saying naked shorting doesn't exist, nor if proven to exist that it doesn't pose problems for targeted companies. What I'm saying is that you don't launch a Congressional investigation until you have a clear and present case built. All we've seen so far -- as regards supposed actual cases of naked shorting -- is a bunch of crying wolf. Certainly if you can point to a promising biotech that was killed off by evil off-shore naked shorts, that would be a step in the right direction. But, until then, until there's fire amid all the alleged smoke, it's all just an academic exercise in share counting and finger pointing. - Jeff

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