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Thread: SEC Under Pressure! Manipulators Running Scared!

  1. #1
    Brandon Matthews is offline
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    SEC Under Pressure! Manipulators Running Scared!

    Sen. Kaufman was joined by Sen. Johnny Isakson (R-GA) in introducing the legislation, which directs the SEC to write regulations within 60 days that accomplishes five things to end abusive short selling:

    (1) reinstate the substance of the uptick rule that prohibited short sales that are not made on an increase in the price of the stock; this prevents short sellers from piling on a declining stock, driving prices down.

    (2) require exchanges and other trading venues to execute the trades of long sellers ahead of short sellers, all other things being equal.

    (3) with the concurrence of the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System, prohibit short sales of the securities of any financial institution unless that trade is affected at a price (in minimum lots specified by the Commission) at least 5 higher than the immediately preceding transaction in such securities. Our financial sector, and financial stocks, are in a fragile state and our taxpayers now hold substantial shares of many institutions. If the Treasury and Fed believe they need additional protection in these times, this legislation permits it.

    (4) prohibit any person from selling securities short unless that person has at the time of the short sale a demonstrable legally enforceable right to deliver the securities at the required delivery date. Under current law, many short sellers fail to deliver we must tighten up the rules.

    (5) require that all short sales settle on the same time frame employed for long sales of the same securities. There is no reason short sellers should have 13 days to deliver shares when long sellers have only three days.

  2. #2
    hoping2rise is offline
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    It's about #$%^ing time these politicians do something that benefits gneral public instead of big money.
    Excellent work Brandon.. Keep sniffing around for these morale boosting stories.

  3. #3
    Hughes is offline
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    This is truly wonderful news and I hope it keeps coming. Keep up the good work!

  4. #4
    Brandon Matthews is offline
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    Its a Bipartisan effort that will end the shorts advantage. Over 90% of all nasdaq stocks were up today. The shorts are covering now becasue we are bringing the heat down on them. As this thing grows legs, the markets will run. Shorts are scrambling to close their positions. None want to be outed. Still another bill asks that the SEC divulge the names of large short sellers just as it discloses institutional ownership.

    http://kaufman.senate.gov/press/pres...1-B3CB2F1AA230

    http://www.sec.gov/comments/s7-31-08/s73108-64.htm
    Last edited by Brandon Matthews; 03-17-2009 at 08:04 PM.

  5. #5
    asm610 is offline
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    Brandon,

    Excellent work. Thanks for the information.

  6. #6
    RickF is offline
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    Awesome work Brandon! Can't help but wonder if the Senators saw the vid of Cramer's youtube debut! Whatever it was - anything to flatten the playing field!! Cheers Mate!!

  7. #7
    asm610 is offline
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    Quote Originally Posted by RickF View Post
    Awesome work Brandon! Can't help but wonder if the Senators saw the vid of Cramer's youtube debut! Whatever it was - anything to flatten the playing field!! Cheers Mate!!
    I do believe several government folks have come across the video!

  8. #8
    Hopeful is offline
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    Good work Brandon!

  9. #9
    Paratrooper_Rick is offline
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    I hope some of those manipulative short bastards end up wearing orange or striped suits breaking very big rocks into very very small ones.....

    Not that I'm bitter.... I hate cheating idiots who live off the pain or failure of others.... they're worse than lawyers.......

    That's my new joke..... if you could name one thing in the world worse than a lawyer what would it be?...... a naked short seller.....

  10. #10
    asm610 is offline
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    Quote Originally Posted by Paratrooper_Rick View Post
    I hope some of those manipulative short bastards end up wearing orange or striped suits breaking very big rocks into very very small ones.....

    Not that I'm bitter.... I hate cheating idiots who live off the pain or failure of others.... they're worse than lawyers.......

    That's my new joke..... if you could name one thing in the world worse than a lawyer what would it be?...... a naked short seller.....
    I echo that sentiment!

  11. Ad Fairy Senior Member
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