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The Amazing Source of "Phantom" Shares

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September 04, 2009 – Comments (5)

Sorry, whiny naked short conspiracy theorists. Your allegations have never been documented. Though you get points for screaming loudly.

Here is a more likely source: naked-short-crybaby companies themselves. Oh, and brokers who (we must use the word allegedly) help them out.

This isn't the first time we've seen this. Yet the public utterances of the SEC's Mary Schapiro continue to promote the fiction that naked shorting is a major menace that's worth precious SEC bucks. It isn't.

Of course, she could be crazy like a fox, and only making the public statements to keep the loonies (relatively) quiet while the SEC does real work.

Let's hope.

5 Comments – Post Your Own

#1) On September 04, 2009 at 3:03 PM, whereaminow (21.85) wrote:

The SEC does real work?  I guess we're using the term "work" loosely nowadays.

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#2) On September 04, 2009 at 3:37 PM, DiscoFinance (< 20) wrote:

Are you kidding!!!???!!! Just see the new movie "Stock Shock" if you have any question about naked short selling. Geeeez! $1 stolen from American investors makes this an important issue, and as "Stock Shock" shows, BILLIONS have been stripped from regular investors. Amazon has the DVD--see it!

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#3) On September 04, 2009 at 4:02 PM, gembree (99.90) wrote:

Oh man, how did I miss this?  Universal Express!  Seems like just weeks ago they were standing shoulder to shoulder with Byrne against the Sith Lords, fighting the good fight.  Can't help but recall this classic jeremiad from Altomare back in the day:

For lack of a nail the shoe was lost
For lack of the shoe the horse was lost
For lack of the horse the rider was lost
For lack of the rider the message was lost
For lack of the message the battle was lost
For lack of the battle the war was lost
For the lack of the war the country was lost
The country was lost because of that nail.
That nail, my friends is Naked Short Selling.

You are right, it is indeed a tragicomedy that the SEC continues to lend these people any credence.

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#4) On September 04, 2009 at 4:07 PM, EverydayInvestor (< 20) wrote:

Here's some more naked short news: a law firm for ATSI that sued Knight Capital Markets (a market maker with the symbol NITE), alleging naked short selling, was forced to pay court costs after the judge found the case to completely lack merit.

http://garyweiss.blogspot.com/2009/09/renowned-attorney-wes-christian-smacked.html

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#5) On September 04, 2009 at 5:19 PM, TMFBent (99.82) wrote:

yup, if there's a movie about it available on Amazon, it must be true!

Naked short nuts have yet to come up with any evidence that what they say is true. The companies that complain about being naked shorted have an uncanny history of being proven to be scams.

Do the math.

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