dshade Member Level Wednesday, 07/25/07 12:11
Post# of 2102
Posted On: 10/21/2014 5:46:37 PM
dshade Member Level Wednesday, 07/25/07
12:11:43 PM
Re: None
Post # of 50191
Senator Bennett Speech today - Naked Short Selling
...Senator Bennett's speech on naked short selling and extracts some quotes from the speech. The speech (find links below) and its content clarifies and vindicates".. many claiming NSS issues.
Senator Bennett NSS Speech:
http://www.everyzing.com/viewMedia.jsp?index=...;e=7909995
"The agency (SEC) has no mechanism to enforce the guidelines (of delivering stock purchased in three days)," Senator Bennett.
"He who sells what isn't his'n, must buy it back or go to prison," Senator Bennett.
"It is possible for you to keep shuffling around the electronic impulses (held at the DTCC) that represent the stock and never ever have to buy it back," Senator Bennett.
"So you can have a situation where people are selling shares that don't exist, taking commissions on the sale, and the profits of the sales, and never, ever have to produce the shares," Senator Bennett.
"I have been showed the stock trading of a company that has been out of business for 3 years, and the stock trades regularly every 13 days! The brokers are meeting SEC requirements -- they are delivering but the shares do not exist! The company was driven out of business by the short sellers who made it impossible for them to go to the capital markets," Senator Bennett.
http://www.marketwired.com/press-release/sena...754221.htm
12:11:43 PM
Re: None
Post # of 50191
Senator Bennett Speech today - Naked Short Selling
...Senator Bennett's speech on naked short selling and extracts some quotes from the speech. The speech (find links below) and its content clarifies and vindicates".. many claiming NSS issues.
Senator Bennett NSS Speech:
http://www.everyzing.com/viewMedia.jsp?index=...;e=7909995
"The agency (SEC) has no mechanism to enforce the guidelines (of delivering stock purchased in three days)," Senator Bennett.
"He who sells what isn't his'n, must buy it back or go to prison," Senator Bennett.
"It is possible for you to keep shuffling around the electronic impulses (held at the DTCC) that represent the stock and never ever have to buy it back," Senator Bennett.
"So you can have a situation where people are selling shares that don't exist, taking commissions on the sale, and the profits of the sales, and never, ever have to produce the shares," Senator Bennett.
"I have been showed the stock trading of a company that has been out of business for 3 years, and the stock trades regularly every 13 days! The brokers are meeting SEC requirements -- they are delivering but the shares do not exist! The company was driven out of business by the short sellers who made it impossible for them to go to the capital markets," Senator Bennett.
http://www.marketwired.com/press-release/sena...754221.htm
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