SEC, others, to probe short seller manipulation
From the commentary:
** CommonSense56 - Don't forget what they say about the stock market being more like a very special boys club - where you scratch my back and I'll scratch yours - is the norm ! A place " run by rich people for rich people " if you will !
** I believe they are looking more into this type of issue:
While CMKM Diamonds, Inc. (former trading symbol CMKX) might not yet qualify as the proverbial phoenix rising from the ashes, the company has shown that it’s far from exhaling its dying breath. Originally hyped as a diamond and gold mining company (with promises and/or rumors of uranium, zinc, platinum, and an ancient Chinese collection thrown in for effect), the approximately 50,000 shareholders were instead defrauded of over $250 million by company insiders and their cohorts.
http://www.faulkingtruth.com/Articles/Investing101/1062.html
July 8, 2008 - CMKM Diamonds, Inc. Awarded a $33,675,365 Judgment;
http://www.businesswire.com/portal/site/google/?ndmViewId=news_new
%26newsId=20080708006134
** So true. Shorts don't play by the rules and check to see if they can borrow the stock they short. They get away with it because the SEC hasn't cared to monitor this. An up market benefits business when they need to raise capital, and individuals in their IRA's and 401k accounts. It's about time we taxed short sellers more and long term equity investors less. It's insane that Obama wants to raise the long term capital gains tax from 15 to 25%.
** NAKED SHORT SELLING IS THE PROBLEM...
NOT SHORT SELLING
** SEC is lame.
How about investigating pump and dump? How about BSC CEO assuring the public everything is fine and it went belly up the next couple of days?
And what do you call that? Naked pumping as opposed to naked shorting?
This is totally pathetic.
** HEAR THIS: BOTH LONG AND SHORT TRADERS TAKE MONEY OUT OF THE ECONOMY WITHOUT PUTTING ANYTHING IN, LIKE LABOR OR LONG TERM CAPITAL FOR COMPANIES TO GROW ON, WHICH IS THE FUNDAMENTAL PURPOSE OF THE STOCK MARKET. IF TAXES WERE BASED ON THE LENGTH OF TIME AN INVESTMENT WAS HELD, THE LONGER HELD THE LESS TAX, THEN THE STOCK MARKET WOULD RETURN TO IT'S LEGITIMATE PURPOSE, TO FINANCE INDUSTRY.
** Let's investigate the phony "pump" rumors that happen to hit CNBC whenever the market sells off. This game goes both ways and if you want to investigate short sellers, then you need to do the same with phony rumors allowed to be spread by the media that eventually turn out to be false. Someone needs to be made responsible for these lies. Protecting people that are only "long" the market isn't what free markets are about. The game is rigged and unless you have deep pockets and a strong stomach, then stay out....
** The fix is in for Freddie Mac sale of 3 billion tomorrow.
Now doesn't this sound like manipulation?
"WASHINGTON (Reuters) - U.S. Treasury Department officials are trying to make sure that Freddie Mac, one of two troubled U.S. giant mortgage firms, will be able sell $3 billion in securities this week at a previously scheduled sale, the Washington Post reported on Sunday.
On Monday, Freddie Mac is due to sell the $3 billion of short-term debt in what will be a barometer of market appetite for the firm's securities.
The Post said Treasury Department officials on Saturday spoke by telephone with major banks that normally purchase such securities to ensure that these firms still plan to place bids, and they were optimistic the sale would be a success."
** Too little, too late. SEC only acts after FED wants to take over what the SEC did not handle properly.
** Agreed; another token offered up by the 'regulators' while their friends continue to rip off the nation.
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