A SEC UPDATE
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LET'S Cut The Junk by SHORTS OUT--THE SEC THIS MORNING NEWS Concerning SHORTS !
The true story about Naked Shorting & Market Manipulation has been posted here for TWO YEARS & INVESTORS in EEE have been cheated--that's a FACT:
SEC Intensifies Efforts
To Rein In Short Selling
Wall Street Readies
For Longer Limits;
Are Curbs Working?
By JENNY STRASBURG, KARA SCANNELL and RANDALL SMITH
Wall Street executives expect the Securities and Exchange Commission to extend the temporary limits it has placed on short-selling and expand them to cover additional stocks beyond the 19 financial companies it targeted two weeks ago.
The limits are set to expire Tuesday, and executives, lobbyists and hedge-fund representatives of the Managed Funds Association, the biggest hedge-fund industry group, have been talking throughout the weekend, trying to come up with possible approaches to asking the SEC to reconsider expanding the rules, according to people familiar with the talks.
A call with regulators on Friday gave the funds group "a fair degree of certainty" that the SEC intends to seek an extension of the emergency period, these people said. Regulators said an extension could be for as short as 60 days and could involve insurance, housing-industry and a broader range of financial stocks, according to these people. SEC Chairman Christopher Cox indicated last week the rules might be extended to all stocks.
In a short sale, a trader sells borrowed stock in a bet the price will decline and the stock can be profitably repurchased at a lower price. The new rules require specific arrangements to borrow shares in short sales rather than the existing rules, which allow a looser assurance the shares can be located.
The rules appear to have had their intended effect of halting the slide in shares of financial companies such as Fannie Mae, Freddie Mac and Lehman Brothers Holdings Inc. Combined with falling oil prices and encouraging earnings reports from some banks, shares in some of these names have doubled.
Some hedge-fund officials until Friday said privately they considered an extension of the short-selling curbs unlikely. However, calls with regulators on Friday afternoon left a different impression, giving the matter added urgency going into the weekend, they added.
By 11:59 p.m. EDT Tuesday, the SEC will need to decide whether to extend its emergency order or let it expire. The SEC said it could extend the order for 30 days. But the law allowing the order limits such action to 10 business days.
It's not clear the SEC commissioners will agree that an extension is warranted. Paul Atkins, a Republican commissioner, has asked the agency's economists to determine whether the order had an effect on the targeted stocks, a person familiar with the matter says. If it hasn't, Mr. Atkins might argue against an extension, this person said.
Two groups of investors appear to be most vulnerable to an extension and broadening of the rules, smaller firms where the added costs and capital requirements would be onerous and fast-trading funds that use computer programs to make thousands of trades a day.
So far, major Wall Street firms have been complying with the order manually, making phone calls to line up so-called pre-borrow arrangements for the 19 stocks. Expanding the rule to all stocks "would require an extensive delay" so the process could be automated, one brokerage executive said.
Executives at the big Wall Street firms that handle trading for hedge funds and others have also been involved in discussions about how to adapt their computer systems to handle the rules.
The expansion could require increased capital to finance the borrowed shares during the three days before trades settle, as well as make short selling more cumbersome and labor-intensive. It is expected that the industry will push back forcefully on any attempt to expand rules.
The SEC is also working to make short-selling rules permanent. The SEC staff is expected to narrow down the options and recommend them to the four SEC commissioners, which could happen as soon as Monday. The rules wouldn't be finalized until later this year.
Write to Randall Smith at
randall.smith@wsj.com
Write these men tell them to do there job & concider a Class Action Law Suit against NYSE-ARCA & Member Brokers who have allowed shorts to sell shares in EEE that never existed:
#
coxc@sec.gov,
curtisg@sec.gov,
Hoerld@sec.gov,
ThomasJr@SEC.GOV,
collopyj@sec.gov,
chavezf@sec.gov,
youns@sec.gov,
berryw@sec.gov,
mike_nielsen@banking.senate.gov,
jdraddy@nyse.com,
kmorse@nyse.com,
mtyson@nyse.com,
ed.finn@barrons.com,
rich.rescigno@barrons.com, james.cramer@the street.com,
Mr. Cox stop the cheating We have asked for years you enforce the law on Naked Shorting what stops you from representing investors & not Hedge funds who break the Law Daily?
https://www.cnbc.com/id/25784042/
The Government & newspapers have the story of The Shorts Butchering the investors in EEE for over two years. Two Billion dollars in market cap has been lost while the stock continued on REG.SHO. until this day.
This is a Big Story that Barrons & The Journal has refused to tell.
The SEC with knowledge & the file proving that is huge to this moment has done nothing to protect the investors in EEE.
Cox has the responsibility, The Banking Committee has the facts ask Mike Nielsen ?
If we are lucky Barrons or one of the other papers which have had the story for such a long time, will finally tell of the efforts to Short EEE out of Business.
Everyone who reads this know the truth & the fact is The SEC has failed to do their appointed job until this country has markets totally out of control. This story was told to all of you for years but not one person took the first step to help, why?
Markets have become a Gamblers game of day Trading with Digits up or down the only thing that counts.
Capital formation in our country is being destroyer for Instant Gain no matter how much the results hurt the whole countries future.
Mr. Cox & your associates help small & large companies survive this assult by Hedge Funds whose only product is Self Gain !
Our company Evergreen Energy, [EEE-NYSE-ARCA], has begged for help why not give that relief starting tomorrow?
Stakeholders in EEE
* A Reminder I think NYSE-ARCA has a huge conflict of interest in that EEE pays to be listed on NYSE-ARCA which is owned by Member brokers. These Broker have allowed Naked Shorting by Their Member firms against their own client EEE's listing, Sound like a Huge Class Action suit to me?
So brokers knowingly allow members to sell shares they don't have against the best interest of their client EEE, it really shouldn't happen that way should it?
* Click here: Evergreen Energy, Inc . - Shorts Read The Facts Carefully They Are Changing:Naked Shorting is A Crime ! - EEE - In
There is no question EEE is manipulated daily by those who want this company to fold . There attempts to hurt the stock price include Marking Down the tape at The Close Daily:
Naked Shorting has been used as a tool to hold the stock price down while discouraging any rally in the stock price of EEE:
Reg.Sho for 18 months says volumes about efforts to keep EEE in the lowest trading range possible.
The shorts in EEE are connected & if the day end trades were examined durning the last twenty seconds daily it would be of interest to all stakeholders who these traders are that daily trade the stock down between themselves?