Naked Shorting-Hedge Fund & Market Maker manipulation? Message Board

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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?

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To: pcyhuang who wrote (3370)	4/8/2008 2:54:48 PM
From: Hawkmoon	Read Replies (3) of 5034

Last month, on the Monday after Bear Stearns' collapse, the SEC proposed a new "naked short-selling anti-fraud rule" that is supposed to rein in manipulative trading by preventing short-sellers from misrepresenting to a broker that they have properly located stock to borrow to sell short. Y'know.. this is the HEART of the problem.. A broker not being sure that their client actually has stock that he can deliver against his short position is like a broker telling me they don't have stock to deliver to me once I pay cash for it. I think there needs to be more transparency on stock transfer procedures.. If I want to short a stock I should be required to provide some form of documentation within the 3 day settlement period that guarantees delivery of shares. Hawk

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