September 18, 2008
ALL naked shorting should be illegal. It is unbelievable that the SEC or the US Government would allow naked shorting. Settlement of all shorts should be no longer than settlement of all longs. All shorts should have full disclosure just as all longs must. Hedge funds should have full disclosure just as mutual funds do. The uptick rule must be bought back. Getting rid of the uptick rule was reckless. I have no financial interest in any financial institution, but the lack of short rules has been a disaster. Even good companies could be hurt by bear raids. For a good article from Wharton on bear raids please go to http://knowledge.wharton.upenn.edu/article.cfm?articleid=1939.