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: basserdan	4/5/2009 12:37:21 PM
	4 Recommendations of 5034

David Patch's April 2nd letter to the SEC... April 2, 2009 Securities and Exchange Commission 100F Street NE Washington, DC RE: Release No. 3458773; File No. S73008 Ms. Florence Harmon I would like to take this opportunity to discuss the most recent report presented by the Office of Economic Analysis (OEA)1 and debate some of the conclusions drawn by this analysis. I believe that while there may be subsets of this analysis that may be of value, there is an equal amount of this analysis that is meaningless or worse, potentially misleading. (my bolding for emphasis) As is the case with any study, to place value in any specific metric it is important to understand how such metrics are being used in the real world application. Using simple calculations such as averaging can seem valuable for some solutions but in the context of the problem being analyzed it may in fact be harmful when decisions are being cast from the results of an analysis such as this one. Today, decisions made by the SEC Staff and by members of Congress are based in part by the reported findings of the OEA. Recently, a response to the OIG from the Division of Enforcement cited just this study in rebutting the findings and recommendations of the OIG.2 It is therefore paramount that in reaching successful solutions, the backbone used in the decision process must be above reproach. The report released by the OEA on March 20, 2008 assessing Regulation SHO is just not that type study. It is grossly inaccurate and therefore provides opportunity for wrong conclusions to be drawn. The staff at the SEC continues to put faith in these studies and members of Congress have looked to the SEC staff assurances that progress is being made and both are being misled due to the inaccuracies in the OEA report. Let’s take a look at some of the issues with the study findings and conclusions stated. Continued at: sec.gov

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