April 23, 2009
Ban Naked Shorting.
Eliminate it.
Who in this world thinks that selling of a companies shares that dont exist to make a profit is Legal ?
Trillions of phantom shares are out there.
Good people are holding certificates that are printed out by transfer agents and are made up of shares in a company that dont exist AIR SHARES
The reason for this is the institution that they bought them from sold them a I OWE YOU or FTD (failure to deliver). which they will never cover. they didn't have the shares to sell or borrow to begin with.
It's like going into someones bank acct. and pulling the money out and putting an I OWE YOU written on paper in its place with no intention of ever paying that person back.
It's a CRIME
Wake up SEC and stop covering up for these Crooks
Have a nice day.