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To: marcos who wrote (10834)	11/9/2009 9:13:59 AM
From: Jeffrey S. Mitchell	Respond to of 12465

Marcos, do you recall when all the scam companies used to blame their woes on short Canadian market makers? When in reality it was the insiders dumping their own shares for millions in profits? Well, the whole blame it on the naked short sellers is today's version of that lame excuse. If you read Gary Weiss' blog ( garyweiss.blogspot.com ), you'll see that the alleged anti naked shorting grassroots movement was all the brainchild of nutty Overstock CEO Patrick Byrne, son of magnate Jack Byrne of Geico fame, who funds it all himself with inherited money (Overstock has lost millions, is deep into the red, and has had to restate earnings multiple times). The running joke is that even Byrne can't name a single company destroyed by naked shorting. His comedic attempts to answer that question are fodder for many of Gary's blogs. That being said, I for sure agree with you that Wall Street's self-regulation has led to outrageous abuses. It's a culture based on making money on every transaction regardless if the customer made money. Similarly, as we see with Allen-Vanguard, to many companies the attitude is shareholders be damned. - Jeff