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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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To: pcyhuang who wrote (3148)1/19/2008 7:38:43 AM
From: rrufff  Read Replies (1) of 5034
 
Key from that article

Overstock.com chairman and chief executive officer Patrick M. Byrne commented: "I commend the SEC for standing up to what I am given to understand is enormous behind-the-scenes pressure being brought on them by Wall Street. However, the numbers reported on the SEC website do not include fails cloaked by pre-netting, nor those cloaked by the Stock Borrow Program, nor those cloaked through shifts into the ex-clearing system (which the DTCC itself has described as being 4/5 of the problem). Nor is it clear whether this data includes fails-to-receive, or failures originating from overseas (and I doubt it does). Thus, I commend the SEC on its decision to offend Wall Street by providing data on 1/X of the problem (where X = 5 to 15, depending upon whom one believes). It is a great first step."
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