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

To: Hawkmoon who wrote (3376)	4/8/2008 11:23:31 PM
From: makeuwonder	Respond to of 5034

To top off what all you guys are saying do you remember this? ===================================================== Business Times Story... Share certificates as we know them may ... Share certificates as we know them may soon end up as wallpaper Electronic registry is being planned to protect both buyers and sellers against theft and fraud, writes LUCIENNE FILD PAPER share certificates will become relics of the past if the planned introduction of an electronic scrip registry goes ahead. The aim of the move is to protect both buyers and sellers against scrip fraud, says Russell Loubser, executive president of the Johannesburg Stock Exchange. Loubser says the abolition of share certificates is a priority since "these pieces of paper are easy to taint" and technology is making it easier and easier to forge them. Another threat is the theft of share certificates. Thieves forge the legal owner's signature on the transfer form, which is a legal document authorising the transfer of ownership of shares. Also, Loubser says, if a share certificate is lost, the owner can replace it. The cost of replacement is substantial, but it is often done. The lost scrip, however, remains in circulation. "This is a radical problem and we need a radical solution," says Loubser. The JSE has proposed a plan to phase in the electronic scrip registry (ESR) and freeze the existing paper scrip within the next two and a half years. According to the plan, shareholders will have to part with their paper certificates once the ESR is operational. Loubser, however, is concerned at what he perceives as "a flaw in the proposal". He would like to see paper scrip destroyed, rather than collected and stored. He believes storing is dangerous because scrip can still filter back into the system. Some shareholders may feel uneasy at the thought of their share certificates being torn up. After all, holding a piece of paper in your hand feels more secure than wondering whether your ownership is stored on a computer, doesn't it? Loubser responds with the example of salary payments. Most employees these days do not receive their money in cash or by cheque - the employer pays the salary directly into their bank accounts. "You don't demand that the bank puts the contents of your bank account on the counter in cash, because you could be robbed and your money would be gone. "The same applies to scrip," he says. "Scrip is dangerous and cumbersome. It's a relic of the past." Shareholders should realise that by getting rid of share certificates, no rights are being taken away from them. Instead, safeguards against theft and fraud are part of the plan, Loubser says. The implementation of ESR will be a lengthy process. First, a sophisticated computer system will need to be put in place. After that a change in legislation will be needed. All existing legislation has been developed around paper and makes reference to share certificates or scrip. About 20 Acts will have to be reviewed, Loubser says. btimes.co.za ========================================================== They want to do away with certificates!! So where would that leave us?? Depending on their electronic scam plan. Glad they quit talking about it but has anyone noticed if this policy is going forward? We should all force them to audit the shares and see how short it is. If it gets down to it maybe the brokers will have to refund money to people who didn't actually get their shares purchased for them. I say everyone should call their brokers and spend the extra few bucks and get your certificates. This would be the only way we KNOW WE HOLD OUR SHARES. I don't see how else they could do it than to audit it and if they didn't buy the shares, refund the money. How do you get this accomplished though? Cause I say?? I think not!! Very frustrating.

To: Hawkmoon who wrote (3376)	4/9/2008 12:37:14 AM
From: gregor	Respond to of 5034

Sounds like the 'honor system' to me. Now who thought of that, there is no honor anymore......