Naked shorting on CNBC. Yesterday talking heads we
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Posted On: 05/15/2019 10:01:39 AM
Naked shorting on CNBC. Yesterday talking heads were saying that Morgan Stanley naked shorted 15% of the announced float on the first day of trading of Uber. They are allowed to do this by the SEC to "make the market." So MS naked shorted it and drove the price down, then covered afterwards. CNBC actually talked about this, as if it was okay and smart business for Morgan Stanley. They did the same thing with Lyft.
So for everyone who has claimed there is no naked shorting -- think again.
And that's just what the SEC allows and is discussed openly. The kind of years-long abusive naked shorting that we've seen on IPIX is not allowed by the SEC but they sure haven't done anything about it. Ask the Overstock CEO, who at one time complained about there being a legal short position with 110% of the float, and the SEC did nothing.
So for everyone who has claimed there is no naked shorting -- think again.
And that's just what the SEC allows and is discussed openly. The kind of years-long abusive naked shorting that we've seen on IPIX is not allowed by the SEC but they sure haven't done anything about it. Ask the Overstock CEO, who at one time complained about there being a legal short position with 110% of the float, and the SEC did nothing.
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