Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation? -- Ignore unavailable to you. Want to Upgrade?

To: kknightmcc who wrote (356)	10/3/2005 7:18:50 AM
From: rrufff	Read Replies (1) \| Respond to of 5034

Thanks for Bartermania for posting this info on IHub: October 3, 2005 (FinancialWire) Today, the NASD takes control of the over-the-counter bulletin board from Nasdaq (NASDAQ: NDAQ), and Nasdaq’s SmallCap market has been renamed Nasdaq Capital Market, moving companies such as Beacon Power (NASDAQ: BCON) on the Regulation SHO threshold list to a new market, and such companies as First Montauk Financial (OTCBB: FMFK) directly under the purview of the NASD, which has recently launched a regulatory offensive against illegal and manipulative naked short selling. At the same time, despite the efforts of data extractors such as Global Securities, a division of Thomson (NYSE: TOC), the U.S. Securities and Exchange Commission, which is the leading proponent of corporate transparency, has been identified at the same time as the leading opponent of government transparency. The SEC has refused public information requests more often than almost every government agency and department, including the CIA and Pentagon, according to a survey. Of 3,830 information petitions received from lawyers, investors and others under the Freedom of Information Act, the SEC has granted only 34%. The survey was conducted by the Coalition of Journalists for Open Government. The SEC’s year-end backlog of 8,635 requests was also larger than all except four agencies. “The SEC has never applied the same standards to itself that it applies to the companies it regulates,” Edward Fleischman, a former SEC commissioner and now senior counsel at the Linklaters law firm, was quoted as saying. “This is an agency that has never done very much disclosure about itself.'” According to the survey, the CIA and the Department of Defense, by contract, fulfilled half of the information requests. The Pentagon had received 77,256 requests. The SEC did not decide on 93% of over 9,000 requests received in its last fiscal year, and is totally jammed up now. Global Securities Information said it had filed over 9,000 FOIAs and now has a backlog of over 6,000 pending. SEC speakers have recently talked about corporate governance filtering throughout a public company according to the “tone at the top.” The secretive tone at the top appears to be filtering through two of its regulated SROs, NASD and the NYSE, to their co-owned Depository Trust & Clearing Corp.