Funny cause all Patrick Byrne does is surf the message boards, call & write whoever he can crying about the naked short sellers.
Half billion dollars ehhh? Looking at the OSTK balance sheet, I wonder where it came from.
illegal Short Sellers may face RICO.......
- Thread starter flytiger
- Start date
Funny cause all Patrick Byrne does is surf the message boards, call & write whoever he can crying about the naked short sellers.
Half billion dollars ehhh? Looking at the OSTK balance sheet, I wonder where it came from.
Your days of crowing are just about up. Seems your friends were quite the pigs, thank god, and the politicians have finally realized they have to crush them, or they'll be no financials left.
So Sorry. And where he got his money, how ever much it is, is not your business. But you seem to put your nose alot of places that aren't your business.
You gotta remember to take your pills.
So what's next, time to start outlawing short sellers completely? Who do you have to blame after that?
You're a joke and anyone who actually takes your side is either really naive, stupid or long piece of crap companies that belong on the Pink Sheets.
As for leeching corrupt enterprises you call financials dissapearing, it would be a god send to this country.
P.S. BTW, idiot, anyone who puts themselves in the public spotlight makes their business available to the public. A simple search on PB is quite enlightening. The simple small business owner next door deserves more respect than this charlatan.
I believe there will be quite a few companies finding themselves in the pink sheets over the next 16-24 months...
Drexel avoided RICO. Beyond me how this would play out, I don't believe any co under indictment of RICO (in this case a security firm) would be extended any form of credit from banks,
I'm assuming if a securities firm is under indictment they would not have access to capital markets it would put them immediately out of business, I don't believe the gov't allow that to happen.
I think the author is blowing smoke.
I'm assuming if a securities firm is under indictment they would not have access to capital markets it would put them immediately out of business, I don't believe the gov't allow that to happen.
I think the author is blowing smoke.
SEC EXTENDS ORDER LIMITING NAKED SHORT SELLING THROUGH AUGUST 12
Washington, D.C., July 29, 2008 - The Securities and Exchange Commission
today extended an order issued July 15 to enhance investor protections
against naked short selling in the securities of financial institutions to
which the Federal Reserve has granted temporary access to liquidity
facilities on an emergency basis. The extended order will be in effect
until 11:59 p.m. EDT on Aug. 12, 2008, and will not be further extended.
The Commission's decision to extend the order for a second 10-day period, in
addition to furthering the purposes of the original order, will permit the
Commission staff to collect and analyze additional data on the impact and
effect of the order's provisions. Following expiration of the extended
order, the Commission will proceed immediately to consideration of
rulemaking which would become effective after public notice and comment.
The purpose of the rulemaking is to provide additional protections against
abusive naked short selling in the broader market, while allowing the
legitimate short selling essential to efficient, highly liquid markets.
The SEC's order requires short sellers in the securities of the designated
institutions to arrange to borrow the securities at the time of sale so that
the buyers will receive the stock they purchased on time. Selling short
without borrowing the stock to be sold, and failing to deliver it, is called
naked short selling.
"The order is designed to protect legitimate short selling in these
securities, but helps prevent illegitimate naked short selling and potential
'distort and short' manipulation," said SEC Chairman Christopher Cox. "In
addition to continuing the existing order against naked short selling, the
Commission will continue exploring other remedies for the broader
marketplace to further protect investors from 'distort and short' artists."
Chairman Cox recently reported to the Congress that the Commission will soon
consider rulemaking to apply additional protections against abusive naked
short selling to the broader market.
The Commission's order was issued under its emergency authority provided in
Section 12(k)(2) of the Securities Exchange Act of 1934. The Act limits
emergency orders to 10 business days. The total duration of the original
order plus extensions may not exceed 30 calendar days from the date of the
original order.
# # #
Washington, D.C., July 29, 2008 - The Securities and Exchange Commission
today extended an order issued July 15 to enhance investor protections
against naked short selling in the securities of financial institutions to
which the Federal Reserve has granted temporary access to liquidity
facilities on an emergency basis. The extended order will be in effect
until 11:59 p.m. EDT on Aug. 12, 2008, and will not be further extended.
The Commission's decision to extend the order for a second 10-day period, in
addition to furthering the purposes of the original order, will permit the
Commission staff to collect and analyze additional data on the impact and
effect of the order's provisions. Following expiration of the extended
order, the Commission will proceed immediately to consideration of
rulemaking which would become effective after public notice and comment.
The purpose of the rulemaking is to provide additional protections against
abusive naked short selling in the broader market, while allowing the
legitimate short selling essential to efficient, highly liquid markets.
The SEC's order requires short sellers in the securities of the designated
institutions to arrange to borrow the securities at the time of sale so that
the buyers will receive the stock they purchased on time. Selling short
without borrowing the stock to be sold, and failing to deliver it, is called
naked short selling.
"The order is designed to protect legitimate short selling in these
securities, but helps prevent illegitimate naked short selling and potential
'distort and short' manipulation," said SEC Chairman Christopher Cox. "In
addition to continuing the existing order against naked short selling, the
Commission will continue exploring other remedies for the broader
marketplace to further protect investors from 'distort and short' artists."
Chairman Cox recently reported to the Congress that the Commission will soon
consider rulemaking to apply additional protections against abusive naked
short selling to the broader market.
The Commission's order was issued under its emergency authority provided in
Section 12(k)(2) of the Securities Exchange Act of 1934. The Act limits
emergency orders to 10 business days. The total duration of the original
order plus extensions may not exceed 30 calendar days from the date of the
original order.
# # #