Cramer spoke about naked shorting todayCramer was a bit surprised Tuesday that Chris Cox, chairman of the Securities and Exchange Commission (SEC) said he’s banning naked shorting.
Naked shorting is a practice where a trader/investor shorts a stock without locating a borrow for the shares from a broker.
Cox mentioned specifically that he will go after naked shorting on stocks like Freddie Mac (FRE) and Fannie Mae (FNM).
What surprised Cramer was that the practice of shorting without locating a borrow is already illegal.
He explained that the SEC just hasn’t been enforcing the rule and hedge funds have taken advantage of the lack of enforcement.
Cramer’s advice to the SEC is to start doing your job and regulate the markets.
What a joke! When it serves their interests they are suddenly interested in stopping naked shorting.
These f*cking pigs make me sick.
Sorry, but as you can see, I really hate politicians.
BNPUN