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Strategies & Market Trends : Ride the Tiger with CD
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To: Threshold who wrote (124020)7/18/2008 2:00:16 PM
From: ogi  Read Replies (1) of 312346
 
They are now suggesting they need to allow the Market Makers to have the flexibility of shorting the 19 "protected" stocks.

And this out today:

NP says Fairfax eyed naked shorts two years ago

2008-07-18 07:35 ET - In the News

The National Post reports in its Friday, July 18, edition that Fairfax Financial warned United States regulators about the damage inflicted by "naked" short selling nearly two years before the Securities and Exchange Commission moved this week to curb the practice and shore up the battered share prices of financial services powerhouses such as Freddie Mac and Lehman Brothers Holdings. The Post's Barbara Shecter writes that in a letter to the SEC in September, 2006, Fairfax urged the regulator to look into the abuse of "locate" requirements of short selling, where trades are done even though stock has not been borrowed as is required to cover the trade. On Tuesday, SEC chairman Christopher Cox invoked an "emergency" measure that requires short positions in 19 financial services companies to be covered by stock that is borrowed. The measure could be extended. The practice of naked short selling has been pinpointed as a cause of the relentless sell-off of major U.S. financial services companies this year. The SEC is investigating whether trading abuses including short selling contributed to the near-collapse of brokerage Bear Stearns. It was folded into JP Morgan Chase & Co. at a steep discount.
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