I came away from this story more convinced than ever that FINRA, a private self-regulation organization, is no more than a 'beard' for illegal naked shorting and the firms that do it. Open season on all penny stocks and retail investors when one can engage in the practice with no risk, make enormous sums over a period of years, and walk away with a slap on the wrist. Another classic case of the rich and powerful taking care of themselves and screwing the general public.
The trading pattern over a number of years makes me believe there is a major naked position in IPIX and I have no belief those who engaged in it and made a killing will ever have to pay up, either financially or legally. Would like to think something may come about, but IMO it is just too widespread a practice on Wall St. for them to ever face the facts and do something about it.
Reminiscent of the current situation in Hollywood; everybody knows what is going on, has been going on, and will continue to be going on but nobody is going to change it. Small tempest of righteous indignation, let a little time pass, and then back to the ol' status quo.
Unless the major Wall St MM's that engage in naked shorting get prison sentences of 25+ years, and I am talking a number of them, I don't ever see this problem going away unless T+0 finally gets instituted.
The trading pattern over a number of years makes me believe there is a major naked position in IPIX and I have no belief those who engaged in it and made a killing will ever have to pay up, either financially or legally. Would like to think something may come about, but IMO it is just too widespread a practice on Wall St. for them to ever face the facts and do something about it.
Reminiscent of the current situation in Hollywood; everybody knows what is going on, has been going on, and will continue to be going on but nobody is going to change it. Small tempest of righteous indignation, let a little time pass, and then back to the ol' status quo.
Unless the major Wall St MM's that engage in naked shorting get prison sentences of 25+ years, and I am talking a number of them, I don't ever see this problem going away unless T+0 finally gets instituted.
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