March 7, 2008
It Seems Australian regulators give a damn
You –the SEC- dont care.
You dont care if stock lending has gone bonkers.
You dont care if manipulative hedge funds naked short hundreds of companies to death.
You dont care if retail investors have their share borrowed without their permission- and then naked short sold- in order to decimate the shareprice and market cap of the targeted company.
You Dont care about retail investors- You only seem to care about protecting multi billion dollar hedge funds, while they run amuck of all securities rules and regulations
You only seem to care about penny stock scams that swipe 100k here or 30k there- Well what about the billions that hedge funds steal when they naked short and over borrow securities on a daily basis?
The REG-SHO list is full- Full FULL with companies that have been decimated thanks to illegal bear raids- and you do NOTHING.
I have no confidence that the SEC will ever do its job in regulating securities laws.
You need to be firm with funds that illegal raid- and naked short shares in order to steal billions from retail investors.
Australian seems to care- Australia gets it.
You suffer from dotage- ignorance- and complacency.
The hedge funds are running amuck of all your rules and regs- they are driving tractor trailers through your loopholes while they steal- and you don't care.
If hedge funds naked short domestically for profit I call it treason- if someone offshore conspired to destroy the financial markets through naked shorting- I call it terrorism.
DO YOU DAMN JOBS
AUSTRALIAN STOCK EXCHANGE REITERATES SHORT SELLING WARNING
Thursday March 06, 2008 04:08:54 EST
MELBOURNE, Mar 06, 2008 (AsiaPulse via COMTEX News Network) --
Investors have been put on notice by the Australian stock exchange (ASX) and Australian Securities and Investments Commission (ASIC) about their share lending and short selling obligations.
Short selling involves the borrowing of shares and selling for a profit before buying the stock back at a lower price and returning them to the broker.
The technique is used by investors who try to profit from the falling price of a stock.
It is rumoured that short selling by hedge funds has contributed to recent heavy falls in childcare giant ABC Learning Centres Ltd (ASX:ABS) and troubled fund manager Allco Finance Group Ltd (ASX:AFG).
The ASX said short selling played a "useful role in contributing to market efficiency in a developed financial economy" but warned market participants needed to be transparent.
The ASX said the transparency of the amount of short selling activity "is important for market users to inform their trading decisions".
The ASIC said in a statement last week that "people engaged in stock lending or stock borrowing should carefully examine their obligations to lodge substantial holding notices".
The ASX said it was reviewing the scale of its late fees for delayed settlement associated with "naked" short selling and the removal of particular stocks from the approved short-sale list if settlement failures increased for any security on the list.
A "naked" short sale is where the participant, either proprietary or on behalf of a client, enters an order in the market and does not have in place arrangements for delivery of the securities.
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