Post by
no1coalking on Aug 14, 2008 10:42am
Shorts About to Lose 1 Billion Dollars:
Shorts Hate EEE Because We Fight for Our Technology / These Guys are Market Manipulators:NIPC's Comment Letter to the SEC
Recs: 3 If you want to read something scary ... read the footnotes (see an example below). The $140B is just the NYSE not the entire market.
i.e., :
13 In Q1 2008, SIFMA reported that NYSE broker-dealers carried liabilities
totaling over $140 billion USD in “Fails to Receive”. If 15c3-3 were enforced, these obligations would not exist.
Rather these SIFMA broker-dealers would quickly go out and buy-in or otherwise obtain the “fails to receive” for
their customers, as 15c3-3 requires. In addition, “fail to receive” are not even defined in securities laws, so their
value can not be accurately determined. It can only be surmised that $140 billion in undelivered securities valued
via market-to-market accounting would cost much more than $140 billion to buy-in and deliver. This systemic
risk is the reason why 15c3-1,15c3-2and 15c3-3 were adopted. By not enforcing these rules and allowing brokerdealers
to carry undefined securities on the books, the Commission is allowing the systemic risk to grow into
trillion dollar proportions.