virtualrn Posted September 28, 2008 Report Share Posted September 28, 2008 If you are an investor who has seen your investments, mutual funds, or 401s tank this last year and agree with this petition, please click the link below to add your name. Patrick Byrne of course had started a company called Overstock.com,; it was rivaling Amazon when it became a naked short sellers money maker. At one time, 60,000,000 phantom stock existed for Overstock. Dr. Byrne has been writing about this peril and his experience since 2004........Incidently, Christopher Cox's recently "emergency" implemented rules for short selling and naked short selling expire Oct 1, 2008. In effect, it will be back to miscreant fun on Wall Street next Thursday......Please forward this to all who may be interested.Source: http://mainstreetamericans.info/STOP NAKED SHORT SELLING NOW!To: Our Elected LeadersFrom: Patrick Byrne & Concerned AmericansAmerica’s capital markets used to be the envy of the world. Now they are in turmoil — turmoil caused by manipulative and abusive naked short sellers! It is time for it to stop — and now.You are charged with overseeing and policing our capital markets. As long as naked short selling continues, our markets will suffer and you are not doing your job. That is shameful. Start doing your job — and now.Half-measures don’t work. We are in a deep enough financial crisis that you can’t waste any more time. Do the following — and do it now:1. Put in place a market-wide mandatory pre-borrow requirement (like the SEC did in the 30-day July 15 emergency order that protected 19 financial institutions).2. Create the obligation that if a naked short seller fails to deliver a share, the purchaser must force a mandatory buy-in (this is the rule in Canada where it works).3. Track trades cradle-to-grave (rather than net blocks of trades against each other), so that it is obvious who the naked short sellers are and the total amounts they are stealing.4. Provide regular and timely disclosure by naked short sellers of when and how many shares they are failing to deliver.5. Then enforce these rules (which should include significant monetary penalties and jail time).Our capital markets are too important to let greedy manipulators ruin them. Get these laws in place, police them, and help restore the economy you are charged with protecting.Sincerely,Patrick Byrne& Concerned AmericansAfter you have added your name to this petition an e-mail will be sent to the given address to confirm your signature. Please make sure that your e-mail address is correct or you will not receive this e-mail and your name will not be counted.Join the many people who have signed this petition. Quote Link to comment Share on other sites More sharing options...
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