July 26, 2008
I totally agree with SEC File No. S7-08-08
"Naked" Short Selling Anti-Fraud Rule. It should be imposed to all of the financial stocks atleast for banks.
All US Citizens are having accounts with these banks which has FDIC secured deposits. Ultimately these naked shorts are driving intentionally these bank stocks to zero to make huge profits but they are also spreading false negative rumors to induce intensive selling. Due to being able to short naked they are spreading false statements against banks and scaring customers to with draw money from these banks and eventually further inducing negative effects to these US banks. If more banks are failing then FDIC has to unnecessarily pay the secured customer deposits to huge amount of customers and will create financial crisis in our country.
With due respect and full regards, I like to have SEC File No. S7-08-08
"Naked" Short Selling Anti-Fraud Rule imposed to Washington Mutual Bank stock (NYSE symbol: WM)and all other US banks for time being until the housing market gets stabilized and financial institutions are back on track.
Based upon http://www.shortsqueeze.com/?symbol=wm, Washington Mutual has Huge Short Interest (Shares Short) 276,393,200 which is about 26.32% of the total Float while according to http://www.nasdaq.com/asp/holdings.asp?symbol=WMselected=WMFormType=Institutional the Institutional Ownership: 50%. This further suggests that 52.64% (26.32% 2) of the total shares owned by institutions are shorts which is a very high unusual short interest in this bank.
Regards,
Institutional Holdings Description Hide Summary
Washington Mutual, Inc. NYSE
Company Details
Total Shares Out Standing (millions): 1,699
Market Capitalization ($ millions): $6,525
Institutional Ownership: 50%
Price (as of 7/25/2008) 3.84
http://www.shortsqueeze.com/?symbol=wm
Washington Mutual Inc. $ 3.84
WM -0.19
Short Interest (Shares Short) 276,393,200
Days To Cover (Short Interest Ratio) 5.4
Short Percent of Float 26.32 %
Short Interest - Prior 254,769,700
Short % Increase / Decrease 8.49 %
Short Squeeze Ranking -127
% From 52-Wk High ($ 39.52 ) -929.17 %
% From 52-Wk Low ($ 3.03 ) 21.09 %
% From 200-Day MA ($ 11.06 ) -188.02 %
% From 50-Day MA ($ 5.74 ) -49.48 %
Price % Change (52-Week) -89.70 %
Shares Float 1,050,000,000
Total Shares Outstanding 1,058,827,858
% Owned by Insiders 0.02 %
% Owned by Institutions 8.51 %
Market Cap. $ 4,065,898,975
Trading Volume - Today 181,209,509
Trading Volume - Average 50,718,500
Trading Volume - Today vs. Average 357.28 %
Earnings Per Share -9.89
PE Ratio
Record Date 2008-JulB
Sector Financial
Industry Savings Loans