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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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To: kknightmcc who wrote (553)11/30/2005 10:22:24 PM
From: sixty2nds  Read Replies (3) of 5034
 
11:30 OSTK Overstock.com President, Patrick Byrne, issues statement regarding NASAA public forum on Naked Short Selling (38.25 +1.01)

The co and Patrick Byrne, issued the following statement today at the North American Securities Administrators Association's public forum on naked short selling: "I commend NASAA for holding this hearing. Naked short selling is a growing problem within the securities markets. The Depository Trust & Clearing Corporation (DTCC) admits that 'failures to deliver' are as high as $6 bln per day. This is an incredible number. Continued abusive short-selling practices pose strong potential for a systemic Wall Street meltdown that will undermine our capital system and our economic strength. The prosecution of Enron executives will begin in Jan 2006. On the heels of this tragedy, we are persuaded that Main Street shareholders, through their retirement and other accounts, again may be at risk because of the manipulation of the markets. Already these practices may have contributed in substantial part to the massive frauds featured in recent financial headlines involving such companies like Refco, Inc...NASAA's public forum today is another step towards bringing basic transparency and profile to this issue and Congress should seriously consider hearings and legislation to remedy the obvious shortcomings of Regulation SHO."
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