Apparently, there is good reason why here in America there is only the giant bronze Bull, poised to charge, across the street from the NYSE, our markets have been rigged only to the upside, as a result the bear is conspicuously missing, wounded and trapped, to all of our detriment. When will Americans tire of the "bubbles" that keep growing and then suddenly burst. Why must every crash be a precursor to more and more legislation and interference by the government??
By allowing normal naked short-selling to take place, will in fact, actually reduce volatility and wild price moves because when news hits and new investors jump in, snapping up shares, the dearth of selling activity by existing share-holders, who are in it for the long term, will be mitigated by investors and traders who've decided the claims are suspect, the shares are overvalued or have legally discovered material information that hasn't yet found its way into the marketplace yet.
Without naked short-selling as an option the market becomes a haven for the criminals and con-men that currently control the over-the-counter markets. Without naked short-selling in a free market that rewards and penalizes investors through the quality and accuracy of their information, the market becomes what it is now, a rigged system without any accountability for anything said to the public until its woefully too late.
Just recently, I recall reading a remark made by the former lead prosecutor in my case, Kenneth Breen, who recently stiffed his partners and law-firm with a $250,000 un-paid legal bill, then jumped ship, in order to represent Bernard Kerik, the corrupt, mob-connected and disgraced former "top-cop" of NY. He asked: What gave me, a hedge fund or any trader the right to determine if a stock is a scam or not.
The answer is simple, the same right that I have to determine that a stock is good investment is the exact same right I have to decide if it's not. If it walks like a duck, looks like a duck and quacks like a duck, I donât need to wait for the US government to tell me it's a duck. That right, to determine if a stock is good, bad or somewhere in between is not only my right, but the right of every single person who believes in a free capitalist market.
I donât need the NASD, FBI or the SEC to tell me if a stock is a piece of shit, my nose works just fine. The question isn't "who made me boss" to decide which stock is good, which isnât , what it's worth and what it's not, it's; Who the hell do you think you are to even ask such a stupid question ?? If the money is mine than it's my right to decide what a stock is worth to me, not the US govt's.
Should a short-seller fabricate negative information or lie or deceive the public about a company, stock or officer, he or she should be prosecuted to the same extent that those who lie and deceive on the up-side face. Therefore, there is NO argument as to why one direction should enjoy artificial protections while the flip-side does NOT.
We the public NEED to have the same access and the same rights to make a bet against a company, that is lying to us, that the TOP Firms in the US have. The NASD must open the gates to let all Americans trade in a fair, legal and orderly way that rewards the accuracy of information and penalizes those who deceive.
If one company has 10 million shares outstanding and those shareholders allow all 10 million shares to be loaned out and those 10 million shares are then sold short, it results in one group of shareholders, that combined, own 20 million shares and another group that owes and is short 10 million shares of that same company. There is no one from the SEC, the NASD or any agency that can explain what the difference would be if those same shareholders had no say in the matter and the 10 million shares that were sold short were sold short without first having to obtain permission ("borrowing") before making the same exact short sales. You still end up with the exact same two groups of investors, 20 million bullish shares and 10 million bearish ones.
There is simply NO logic , No explanation and No reason that can justify what the purpose of "borrowing" is, or what exactly it accomplishes, other than a way to allow the con-men and scammers to operate in a critic-free environment, and reserve one of the most profitable trading strategies in existence, for only the privileged few tapped by the NASD.
Allowing access to these trading strategies is how we will get the truth into the marketplace quicker and it is the only way to keep these issuers honest and on notice that what they say, will be checked out at their own peril.
Yes, it is true that I am currently in prison, but it is also true that I am the only American trader and short-seller who has ever been imprisoned for actually telling the truth about a stock, this isnât something I made up, it's an undeniable fact, and something obviously, that needs to be rectified, in the meantime, it is my sincere hope that you the reader can look past the messenger and see the truth in the message itself.
In any event, itâs time, itâs time to finally speak up and itâs time to undo all the damage these artificial restrictions have done to our capital markets and the American public. It's time for everyone to DEMAND equal access to the same trading capabilities enjoyed by the country's most elite traders and firms. It's time to over-ride those who use confusing, circular and convoluted linguistic gymnastics and semantics in order to preserve their "special status".
The truth must come out, we NEED it out there otherwise we are all in jail, with our hands firmly tied to our sides, unable to benefit or profit if we get it right and they got it wrong. It's time to untie our hands & set us free. As Americans we must be able to profit by exposing and stopping the lies, the deception and the scams that have hi-jacked the truth. Quite simply, in a nutshell, if a share exists it must be shortable, period. Nothing else makes any sense.
The average American and the average trader have every right in the world in a free market to trade with the same privilege that the top few hundred firms and their respective traders have enjoyed for the past 217 years. As a market that allegedly has been moving towards greater transparency this unfairness and this corrupt and conflict ridden status quo against naked-shortselling is the ugliest fraud on American investors of our present time.
As my governor likes to say, I'll be back.
Very truly,
Anthony Elgindy
December 25, 2007
By allowing normal naked short-selling to take place, will in fact, actually reduce volatility and wild price moves because when news hits and new investors jump in, snapping up shares, the dearth of selling activity by existing share-holders, who are in it for the long term, will be mitigated by investors and traders who've decided the claims are suspect, the shares are overvalued or have legally discovered material information that hasn't yet found its way into the marketplace yet.
Without naked short-selling as an option the market becomes a haven for the criminals and con-men that currently control the over-the-counter markets. Without naked short-selling in a free market that rewards and penalizes investors through the quality and accuracy of their information, the market becomes what it is now, a rigged system without any accountability for anything said to the public until its woefully too late.
Just recently, I recall reading a remark made by the former lead prosecutor in my case, Kenneth Breen, who recently stiffed his partners and law-firm with a $250,000 un-paid legal bill, then jumped ship, in order to represent Bernard Kerik, the corrupt, mob-connected and disgraced former "top-cop" of NY. He asked: What gave me, a hedge fund or any trader the right to determine if a stock is a scam or not.
The answer is simple, the same right that I have to determine that a stock is good investment is the exact same right I have to decide if it's not. If it walks like a duck, looks like a duck and quacks like a duck, I donât need to wait for the US government to tell me it's a duck. That right, to determine if a stock is good, bad or somewhere in between is not only my right, but the right of every single person who believes in a free capitalist market.
I donât need the NASD, FBI or the SEC to tell me if a stock is a piece of shit, my nose works just fine. The question isn't "who made me boss" to decide which stock is good, which isnât , what it's worth and what it's not, it's; Who the hell do you think you are to even ask such a stupid question ?? If the money is mine than it's my right to decide what a stock is worth to me, not the US govt's.
Should a short-seller fabricate negative information or lie or deceive the public about a company, stock or officer, he or she should be prosecuted to the same extent that those who lie and deceive on the up-side face. Therefore, there is NO argument as to why one direction should enjoy artificial protections while the flip-side does NOT.
We the public NEED to have the same access and the same rights to make a bet against a company, that is lying to us, that the TOP Firms in the US have. The NASD must open the gates to let all Americans trade in a fair, legal and orderly way that rewards the accuracy of information and penalizes those who deceive.
If one company has 10 million shares outstanding and those shareholders allow all 10 million shares to be loaned out and those 10 million shares are then sold short, it results in one group of shareholders, that combined, own 20 million shares and another group that owes and is short 10 million shares of that same company. There is no one from the SEC, the NASD or any agency that can explain what the difference would be if those same shareholders had no say in the matter and the 10 million shares that were sold short were sold short without first having to obtain permission ("borrowing") before making the same exact short sales. You still end up with the exact same two groups of investors, 20 million bullish shares and 10 million bearish ones.
There is simply NO logic , No explanation and No reason that can justify what the purpose of "borrowing" is, or what exactly it accomplishes, other than a way to allow the con-men and scammers to operate in a critic-free environment, and reserve one of the most profitable trading strategies in existence, for only the privileged few tapped by the NASD.
Allowing access to these trading strategies is how we will get the truth into the marketplace quicker and it is the only way to keep these issuers honest and on notice that what they say, will be checked out at their own peril.
Yes, it is true that I am currently in prison, but it is also true that I am the only American trader and short-seller who has ever been imprisoned for actually telling the truth about a stock, this isnât something I made up, it's an undeniable fact, and something obviously, that needs to be rectified, in the meantime, it is my sincere hope that you the reader can look past the messenger and see the truth in the message itself.
In any event, itâs time, itâs time to finally speak up and itâs time to undo all the damage these artificial restrictions have done to our capital markets and the American public. It's time for everyone to DEMAND equal access to the same trading capabilities enjoyed by the country's most elite traders and firms. It's time to over-ride those who use confusing, circular and convoluted linguistic gymnastics and semantics in order to preserve their "special status".
The truth must come out, we NEED it out there otherwise we are all in jail, with our hands firmly tied to our sides, unable to benefit or profit if we get it right and they got it wrong. It's time to untie our hands & set us free. As Americans we must be able to profit by exposing and stopping the lies, the deception and the scams that have hi-jacked the truth. Quite simply, in a nutshell, if a share exists it must be shortable, period. Nothing else makes any sense.
The average American and the average trader have every right in the world in a free market to trade with the same privilege that the top few hundred firms and their respective traders have enjoyed for the past 217 years. As a market that allegedly has been moving towards greater transparency this unfairness and this corrupt and conflict ridden status quo against naked-shortselling is the ugliest fraud on American investors of our present time.
As my governor likes to say, I'll be back.
Very truly,
Anthony Elgindy
December 25, 2007
