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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (85254)9/15/2008 6:50:13 PM
From: The Vet  Read Replies (2) of 116555
 
Mish, have you considered that with the FED accepting equities as collateral, the SEC had no alternative but to clean up naked short selling and non-delivery.

Imagine the situation if the FED ended up holding more equities on it's books as collateral than were ever issued by the initial company and those shares were still trading.

That's obviously an extreme but just how would the FED account for the value of the equities of any issue that had a substantial number of failures to deliver which remained unsettled for any period?
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