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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From: White Bear	9/18/2008 2:38:26 PM
	3 Recommendations of 5034

NY AG Launches 'Wide-Ranging' Probe Into Short SellingLast update: 9/18/2008 2:35:56 PM By Chad Bray Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--New York Attorney General Andrew Cuomo said Thursday he's launching a "wide-ranging" investigation into short-selling on Wall Street, particularly in financial stocks. On a conference call with reporters, Cuomo said he intends to use New York's Martin Act to prosecute short sellers who spread false rumors and engage in other improper conduct. The attorney general said he's looking into short-selling in a number of financial firms, including Lehman Brothers Holdings Inc. (LEH), American International Group (AIG), Goldman Sachs Group (GS) and Morgan Stanley Inc. (MS). Cuomo also called upon the U.S. Securities and Exchange Commission to temporarily suspend all short-selling on financial stocks, preferably for 30 days. "The markets need to be stabilized," Cuomo said. "One way is to root out short sellers who spread false information." Cuomo said he believes the federal government has been "ineffective" in regulating the financial markets and said much of the troubles in the markets today are tied to mortgage fraud. . "The federal regulatory structure has failed this country," Cuomo said. Cuomo stressed that short selling is legal, but said he will pursue civil and possibly criminal charges against those who engage in improper behavior. "You can't spread false information," Cuomo said. "You can't conspire to spread false information to manipulate the price of a stock." -By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: djnewsplus.com. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresSeptember 18, 2008 14:35 ET (18:35 GMT)

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