Looks like the "trust me" crowd is spreading its manure in fear of the anti naked shorting movement.
Jeff Mitchell, censor on SI, proclaimed this on Mark Cuban's blog. I'd urge others to read Cuban's blog, read both sides, and add your comments there pro and con.
Unlike basketball (to which someone here lamely tried to analogize), the stock market is not a contest. It is a marketplace. The predominant goal is to make money betting on whether a security will go up or down. However, like a contest, the "loser" often would rather blame his failure on someone or something other than himself.
Actually, the predominant goal is to encourage formation and ownership by the general population. Manipulation today, more and more the realm of hedge funds, is being encouraged by people like this who would reward a culture of win at all costs so long as he and the hedge funds that he defends can control the rules. He does not care about the retail investors, the general population of small equity owners, who suffer manipulation in a market. He defends naked shorting. How many retail investors can naked short? In reality, he is defending hedge funds, MM's and other manipulators, who often do their work behind closed doors, overseas away from investigative eyes. Now that the public is becoming aware of this scam, the desperation and fear that this scam may be limited is very apparent. Oh and by the way, if naked shorting is such a minor issue, why all the effort, spreading now to stifle discussion with respect to enforcement of existing rules with respect to naked shorting? |
