September 16, 2008
Pre-Emptive Strike against possible SEC Short Sale Reforms - September 16, 2008
Okay, okay, so this isn’t mainstream media reporting out here, it is just an engineer out of Boston. Yet, after reading the mainstream media report on the SEC’s rush to get out short sale reforms later this week I figure somebody needs to step up to the plate and call out the SEC before they continue down this path of negligence..
Let’s start with what we know.
The SEC has two proposals on the table that have gone through public comment. Rule 10b-21 making it illegal to lie to your broker dealer (duh) and the Options Market Making exemption proposal now under 2.5 years of public comment.
According to the WSJ and the Associated Press the SEC is “rushing” to get something out this week; earlier than originally planned.
So there was a plan in place? Who in their right mind proposes something identified as a possible means of fraud and manipulation back in 2006 with intent to address it sometime in 4Q08? Does that even qualify as a plan or does it instead qualify the agency for the governmental version of a Darwin award?
Read the Full Story at the Link Below