BTW, they've now postponed the Magna Carta until Monday. LOL What criminals.
ngtime Market Reform Advocate Issues Statement on SEC's Proposed New Fannie/Freddie Regs Overstock.com Wonders When The Rule of Law Will Be Extended to All Companies instead of the SEC's Apartheid Solution
SALT LAKE CITY, July 15, 2008 /PRNewswire-FirstCall via COMTEX/ -- Today, in
response to news that the SEC will institute an emergency order to curtail naked
short selling of Fannie Mae and Freddie Mac stock by requiring traders to
pre-borrow the stock, Overstock.com chairman and CEO and a longtime advocate for
anti-naked short selling reform, Patrick Byrne issued the following statement:
"I wholeheartedly celebrate Christopher Cox's decision to enforce the rule of
law as it regards trading in Fannie Mae and Freddie Mac stock. It looks like the
SEC may finally be getting the joke. For years, members of Congress, the U.S.
Chamber of Commerce, academics, Overstock and other companies have been calling
for a pre-borrow to stop the manipulative trading of abusive naked short
sellers. What I don't understand is why the SEC is extending the rule of law
only to Fannie Mae and Freddie Mac. We now have an apartheid capital market.
"The act of trading stocks without borrowing them first is a particularly
egregious form of illegal market manipulation that has threatened our financial
system for too long. I urge the SEC to extend the rule of law to the entire
market, and not simply favored quasi-governmental corporations. Now that we are
experiencing systemic failure, precisely as naked shorting activists predicted,
we should ask the SEC: Why should two corporations alone deserve the protection
for which hundreds of other firms have been unsuccessfully clamoring?" said
Byrne.
