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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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To: ravenseye who wrote (1790)9/22/2006 12:00:18 PM
From: rrufff  Read Replies (1) of 5034
 
SEC Is Urged to Attack 'Naked' Short Selling
September 21, 2006 11:29 p.m.; Page C3

online.wsj.com

WASHINGTON -- The Securities and Exchange Commission should do more to attack abusive short selling by tightening stock-borrowing requirements and requiring daily reporting on stock-delivery failures, some lawmakers and executives are saying.

"We believe that naked short selling continues to be a serious problem for a number of public companies," the U.S. Chamber of Commerce wrote in a Sept. 13 letter to the SEC.

Short sellers sell borrowed shares in hopes they can profit by replacing them later at a lower price.

"Naked" short sellers do not borrow shares they sell short, which some liken to counterfeiting.

This summer, the SEC proposed eliminating a controversial "grandfather" provision that exempted previously existing short sales from stricter rules. The plan was applauded in many of the comment letters to the SEC, which sought public reaction to the plan through Tuesday.

Francine Giani, executive director of Utah's Department of Commerce, warned in a letter that if the SEC can't deliver a national solution, Utah may "bring enforcement action" against firms causing settlement failures.
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