[dante]

WTF?

is it me, or does this sound like blatant market manipulation (to the upside)?


edit: ok, this looks like it's only Financial stocks, but still...

 

[Silver]

I agree that naked short selling is a problem, but I have little sympathy for financial companies who get hit by it.

They've been working hard for years to hide as much info as possible off the the balance sheets, and then when they get called on it by being shorted, they throw a tantrum.

If they hadn't spent the last 15 years figuring out how to lie effectively to their stockholders, I'd have a little more sympathy, y'know?

 

[stoney]

This is bad. Short selling has it's place, as long as the shares being shorted are located correctly and accounted for.
NSS is the issue.
This will lead to a false bottom and cause more losses. If the govt doesn't step in as a bubble is being created, it will only f* things up by stepping in on the way down.

In the case of the US, they just need to ENFORCE current laws on the books since 1934. No more, no less.

 

[BurlyShirley]

First toothpaste and now shorts. WTF is wrong with these people?

 

[jimmydean]

New York AG launches probe of short-selling.

Short-selling is not illegal. But Cuomo said he will focus on whether short sellers engaged in conspiracy or spread bad information to influence the stock prices of Lehman Brothers Holdings Inc., American International Group Inc., and other firms that have been hammered in the ongoing financial crisis.

"I want the short sellers to know today that I am watching. If it's proper and legal, they have nothing to worry about," Cuomo said. "If there's a conspiracy to spread false information to destabilize these institutions, that may very well be illegal."

 

[narlus]

First toothpaste and now shorts. WTF is wrong with these people?

 

[stoney]

see my post in the lounge. SEC is talking about full US short sale ban until mkt stabilizes.