After extensive psychological studies, in a strictly controlled environment, utilizing a double-blind, double-placebo, double-short, double-cover, triple-chocolate control system, it has been determined beyond a shadow of a doubt, that '2 MORE WEEKS' is the optimal period of time that humans will continue to wait for something to happen, over & over & over & over again, no matter how quirky & nebulous & imaginative the assurances may be ...!!
The 'Institute' would like to thank all CMKM Diamonds shareholders for their cooperation in this study.
All shareholders will be receiving packets of information about your compensation for participation in the study, as soon as the final analysis is completed & documented & verified.
The verification process will take 2 more weeks.
Sunday, July 27, 2008
Saturday, July 26, 2008
CMKX - CMKM Diamonds Recap...
CMKX Related Rumors & Theories...
SEC Civil Case - Blah, blah, blah... NOTHING...!!
Naked Shorting - Blah, blah, blah... NOTHING...!!
Reg SHO - Blah, blah, blah... NOTHING...!!
Federal Reserve - Blah, blah, blah... NOTHING...!!
Banking Crisis - Blah, blah, blah... NOTHING...!!
Shore/Star Decision - Blah, blah, blah... NOTHING...!!
Tyler Texas - Blah, blah, blah... NOTHING...!!
ALL Gurus - Blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah... NOTHING...!!
Other CMKX 'Tidbits' - Old Team, New Team, Lawyers, Trusts, Claims, CIM IPO, FFGO Connection, Canadian Mining & Oil, Global Meltdown, SEC/FBI/CIA Sting, CMKM Diamonds Trading Again... NOTHING...!!
ANY QUESTIONS...??
SEC Civil Case - Blah, blah, blah... NOTHING...!!
Naked Shorting - Blah, blah, blah... NOTHING...!!
Reg SHO - Blah, blah, blah... NOTHING...!!
Federal Reserve - Blah, blah, blah... NOTHING...!!
Banking Crisis - Blah, blah, blah... NOTHING...!!
Shore/Star Decision - Blah, blah, blah... NOTHING...!!
Tyler Texas - Blah, blah, blah... NOTHING...!!
ALL Gurus - Blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah... NOTHING...!!
Other CMKX 'Tidbits' - Old Team, New Team, Lawyers, Trusts, Claims, CIM IPO, FFGO Connection, Canadian Mining & Oil, Global Meltdown, SEC/FBI/CIA Sting, CMKM Diamonds Trading Again... NOTHING...!!
ANY QUESTIONS...??
Sunday, July 20, 2008
CMKX - SEC's Selective Short Protection ---- It Makes Me Want To Vomit...
*** I salute the OTC Journal for this outstanding article...!! ***
Thank you for taking the time to comment on this release.
Your comments for file number S7-19-07 were received on July 20, 2008.
Please save this page for your records.
Comments received from:
Tony Bo
Damaged Investor
New Jersey
Comments:
Excerpt From The OTC Journal...
OTCJournal.com
The SEC's Selective Short Protection - It Makes Me Want To Vomit
Small and microcap companies have been complaining for years about the abuses built into the system that favor "illegal naked short selling". For those of you unfamiliar with the practice, let's go over some basics about short selling.
When you sell a stock short, you do the sell transaction first, and the buy transaction second. You sell, and hope to buy back later at a lower price. Instead of "buy low and sell high", it's "sell high and buy low". When you buy the shares back, it is known as "covering your short".
In order to trade in this manner, us regular, every day investors have to get our brokerage to "locate" shares, borrow them, and then allow us to execute the short sale. Market makers are allowed by regulation to short stocks without borrowing them as part of their normal trading practices.
I think short selling is great, and anyone should be allowed to short a stock who has the capital.
Illegal naked short selling has been the subject of much complaining and consternation by many public companies and interested parties for many years. This occurs when a short sell is executed without a legitimate borrow first. Institutional investors are allowed to do this on a regular basis as a course of business. The fact that it is allowed is 100% the fault of the SEC's lax attitude towards this practice.
Prime brokers generate millions in fees on the trading side. The DTC system, the people who keep track of the street name stock at your brokerage firm, also collects millions in fees for "open fail to delivers"- shares of stocks that have been sold, but the trades never settled since the seller couldn't deliver.
The whole practice is the subject of a giant class action suit by the guys who got big tobacco and the asbestos industry. In essence, as many have pointed out in the past, illegal naked short selling allows sellers to actually create "counterfeit shares"- shares that don't exist, and sell them to create excess supply.
This past week, Christopher Cox, the Chairman of the SEC, was interviewed on CNBC, and after watching the interview I was literally ready to vomit.
Early in the week the SEC announced it was invoking a "Ban on Illegal Naked Short Selling". Wow I thought to myself. If there was one good thing that would come out of this Bear Market, having the SEC get rid of illegal naked short selling by closing up the loopholes in the DTC System would be my #1 choice.
( SEC Chairman Cox Bans Illegal Naked Shorting )
Alas, the level of stupidity, and the unbelievable hypocrisy of these guys just blew my mind. The SEC is going to monitor and stop illegal naked short selling, but only on 17 designated financial stocks that trade gazzilions of shares everyday, and have been beaten into oblivion by the bears.
Christopher Cox got up on CNBC, and in an interview actually stated that Illegal Naked Short Selling was, in fact, not illegal. Technically, it might simply be a violation of SEC regs- and it happens due to a series of loopholes in the system that allow it to happen.
( SEC Chairman Cox - Illegal Naked Shorting Not Illegal...?? )
He stated they were invoking the special power to ban the naked short selling in 17 bank stocks for 30 days, but that it would be far too difficult and inefficient to ban naked short selling across the board on every stock.
Dear Mr. Chairman- please answer this question for me? if you can ban illegal naked short selling on 17 of the most heavily traded financial stocks- stocks that trade literally hundreds of millions of shares everyday and are traded by hundreds of hedge funds and other institutions, why can't you ban illegal naked short selling on a $.50 stock that only trades 100,000 shares everyday. Wouldn't that be far easier to track?
About 15 minutes after the interview, CNBC trotted out Cramer. This guy can certainly have his moments, and this was one of them. I applaud his courage. He called out the shear stupidity of the SEC stance on this issue, and was actually waving a copy of the statute that requires the SEC to regulate the proper settlement of trades.
( Jim Cramer On Illegal Naked Shorting & Chairman Cox )
Ladies and gentlemen, unfortunately, this is your government regulators at their very worst. This whole thing is one big transparent gimmick to prevent Fanny and Freddie from completely melting down to nothing, and is selective enforcement at its worst.
Over the past couple of years the SEC has implemented some rule changes favoring small companies that I applaud. Rule 405, which limits the number of share small companies can include in a registration statement, was great for financing small companies. The change in Rule 144 and the relative ease of the registration process under the current SEC is a welcome change for smaller companies and enhances their ability to raise capital in a way that is not a detrimental to stock values.
However, this ban on illegal naked short selling for a few companies is a real slap in the face for investors on the long side. A personal thank you goes out the Jim Cramer for pointing out the shear hypocrisy.
It makes me want to vomit. If it's right for 17 financials, it's right for all stocks. Chairman Cox suggested the commission could look into some "rule changes", which of course they won't do.
SEC- do your job and make the playing field fair for all investors. If huge institutions can naked short stocks without legitimate borrows, let me do it too. Make it the rule. If not, enforce the existing rules.
All they need to do is enforce the existing rules. That's it.
Home Page : www.otcjournal.com
Email Questions or Comments To: editor@otcjournal.com
Thank you for taking the time to comment on this release.
Your comments for file number S7-19-07 were received on July 20, 2008.
Please save this page for your records.
Comments received from:
Tony Bo
Damaged Investor
New Jersey
Comments:
Excerpt From The OTC Journal...
OTCJournal.com
The SEC's Selective Short Protection - It Makes Me Want To Vomit
Small and microcap companies have been complaining for years about the abuses built into the system that favor "illegal naked short selling". For those of you unfamiliar with the practice, let's go over some basics about short selling.
When you sell a stock short, you do the sell transaction first, and the buy transaction second. You sell, and hope to buy back later at a lower price. Instead of "buy low and sell high", it's "sell high and buy low". When you buy the shares back, it is known as "covering your short".
In order to trade in this manner, us regular, every day investors have to get our brokerage to "locate" shares, borrow them, and then allow us to execute the short sale. Market makers are allowed by regulation to short stocks without borrowing them as part of their normal trading practices.
I think short selling is great, and anyone should be allowed to short a stock who has the capital.
Illegal naked short selling has been the subject of much complaining and consternation by many public companies and interested parties for many years. This occurs when a short sell is executed without a legitimate borrow first. Institutional investors are allowed to do this on a regular basis as a course of business. The fact that it is allowed is 100% the fault of the SEC's lax attitude towards this practice.
Prime brokers generate millions in fees on the trading side. The DTC system, the people who keep track of the street name stock at your brokerage firm, also collects millions in fees for "open fail to delivers"- shares of stocks that have been sold, but the trades never settled since the seller couldn't deliver.
The whole practice is the subject of a giant class action suit by the guys who got big tobacco and the asbestos industry. In essence, as many have pointed out in the past, illegal naked short selling allows sellers to actually create "counterfeit shares"- shares that don't exist, and sell them to create excess supply.
This past week, Christopher Cox, the Chairman of the SEC, was interviewed on CNBC, and after watching the interview I was literally ready to vomit.
Early in the week the SEC announced it was invoking a "Ban on Illegal Naked Short Selling". Wow I thought to myself. If there was one good thing that would come out of this Bear Market, having the SEC get rid of illegal naked short selling by closing up the loopholes in the DTC System would be my #1 choice.
( SEC Chairman Cox Bans Illegal Naked Shorting )
Alas, the level of stupidity, and the unbelievable hypocrisy of these guys just blew my mind. The SEC is going to monitor and stop illegal naked short selling, but only on 17 designated financial stocks that trade gazzilions of shares everyday, and have been beaten into oblivion by the bears.
Christopher Cox got up on CNBC, and in an interview actually stated that Illegal Naked Short Selling was, in fact, not illegal. Technically, it might simply be a violation of SEC regs- and it happens due to a series of loopholes in the system that allow it to happen.
( SEC Chairman Cox - Illegal Naked Shorting Not Illegal...?? )
He stated they were invoking the special power to ban the naked short selling in 17 bank stocks for 30 days, but that it would be far too difficult and inefficient to ban naked short selling across the board on every stock.
Dear Mr. Chairman- please answer this question for me? if you can ban illegal naked short selling on 17 of the most heavily traded financial stocks- stocks that trade literally hundreds of millions of shares everyday and are traded by hundreds of hedge funds and other institutions, why can't you ban illegal naked short selling on a $.50 stock that only trades 100,000 shares everyday. Wouldn't that be far easier to track?
About 15 minutes after the interview, CNBC trotted out Cramer. This guy can certainly have his moments, and this was one of them. I applaud his courage. He called out the shear stupidity of the SEC stance on this issue, and was actually waving a copy of the statute that requires the SEC to regulate the proper settlement of trades.
( Jim Cramer On Illegal Naked Shorting & Chairman Cox )
Ladies and gentlemen, unfortunately, this is your government regulators at their very worst. This whole thing is one big transparent gimmick to prevent Fanny and Freddie from completely melting down to nothing, and is selective enforcement at its worst.
Over the past couple of years the SEC has implemented some rule changes favoring small companies that I applaud. Rule 405, which limits the number of share small companies can include in a registration statement, was great for financing small companies. The change in Rule 144 and the relative ease of the registration process under the current SEC is a welcome change for smaller companies and enhances their ability to raise capital in a way that is not a detrimental to stock values.
However, this ban on illegal naked short selling for a few companies is a real slap in the face for investors on the long side. A personal thank you goes out the Jim Cramer for pointing out the shear hypocrisy.
It makes me want to vomit. If it's right for 17 financials, it's right for all stocks. Chairman Cox suggested the commission could look into some "rule changes", which of course they won't do.
SEC- do your job and make the playing field fair for all investors. If huge institutions can naked short stocks without legitimate borrows, let me do it too. Make it the rule. If not, enforce the existing rules.
All they need to do is enforce the existing rules. That's it.
Home Page : www.otcjournal.com
Email Questions or Comments To: editor@otcjournal.com
Friday, July 18, 2008
What Came First... The Chicken Or CMKX...??
Is it possible for a chicken to live without a head?
* Usually they do not live very long because the brain regulates the body functions. In my experience, though, that's all a chicken's brain does, so they can run around like crazy after you chop their head off due to reflex actions.
* The University of Georgia poultry sciences Dept. did lengthy studies on decapitation of broiler hens. Thousands of birds were observed and concluded that in most birds latent activity in the headless birds lasted no longer than 60 seconds. In the most extreme case observed, bleeding and muscular activity extended to 90 seconds. Stunning prior to decapitation proved most humane of all options.
* MIKE THE HEADLESS CHICKEN (a story):
In Fruita, Colorado, on September 10 1945, farmer Lloyd Olsen was sent out to kill a chicken for dinner. His mother-in-law loved to eat the neck, so Mr. Olsen tried to chop off as little of the neck as possible. With a swing of his axe, off came the head. The chicken, now known as 'Mike the Headless Chicken', started to run around as chickens do, but never stopped.
Mike the Headless Chicken became famous and began doing tours. Mr. Olsen charged 25 cents.
Mike was fed a mixture of water and milk with an eyedropper, and occasionally he was fed corn.
Mike finally died in 1947, after living for 18 months. He started choking in the middle of the night, and since the Olsen's had left the syringes they used to clear his esophagus at the sideshow, they could not save him.
We could not find the exact date of his death as Mr. Olsen said he sold the chicken after Mike's death.
(Please See Counter Above For How Long CMKX Has Lasted...!!)
* Usually they do not live very long because the brain regulates the body functions. In my experience, though, that's all a chicken's brain does, so they can run around like crazy after you chop their head off due to reflex actions.
* The University of Georgia poultry sciences Dept. did lengthy studies on decapitation of broiler hens. Thousands of birds were observed and concluded that in most birds latent activity in the headless birds lasted no longer than 60 seconds. In the most extreme case observed, bleeding and muscular activity extended to 90 seconds. Stunning prior to decapitation proved most humane of all options.
* MIKE THE HEADLESS CHICKEN (a story):
In Fruita, Colorado, on September 10 1945, farmer Lloyd Olsen was sent out to kill a chicken for dinner. His mother-in-law loved to eat the neck, so Mr. Olsen tried to chop off as little of the neck as possible. With a swing of his axe, off came the head. The chicken, now known as 'Mike the Headless Chicken', started to run around as chickens do, but never stopped.
Mike the Headless Chicken became famous and began doing tours. Mr. Olsen charged 25 cents.
Mike was fed a mixture of water and milk with an eyedropper, and occasionally he was fed corn.
Mike finally died in 1947, after living for 18 months. He started choking in the middle of the night, and since the Olsen's had left the syringes they used to clear his esophagus at the sideshow, they could not save him.
We could not find the exact date of his death as Mr. Olsen said he sold the chicken after Mike's death.
(Please See Counter Above For How Long CMKX Has Lasted...!!)
Wednesday, July 16, 2008
CMKX TREK... All The News That's Fit To Blog...
Fair And Balanced Reporting...
SEC Chairman Cox on Naked Shorts
SEC Chairman Christopher Cox yesterday rocked the financial community with an emergency ruling regarding how stocks are sold short. He discusses this ruling with CNBC's Erin Burnett
Jim Cramer On Naked Shorts & Chairman Cox
Stop Trading, Listen to Cramer!
Mad Money's Jim Cramer shares his stock picks and pans with CNBC's Erin Burnett
SEC Comments
Comments on Amendments to Regulation SHO
[Release No. 34-56213; File No. S7-19-07]
Outraged Investor
Subject: File No. S7-19-07
From: Outraged Investor
Affiliation: Damaged Outraged Shareholder
July 15, 2008
Commissioner Cox...
I would like to congratulate you for publicly acknowledging the existence and dangers of NAKED SHORT SELLING.
You have demonstrated that recognition by instituting special safeguards against NAKED SHORT SELLING for the GSE's and the primary dealers.
Why aren't these emergency safeguards being put into effect for the WHOLE MARKET...??
Is it because the GOVERNMENT is the one who would LOSE if these government and primary entities are SHORTED into oblivion...??
What about the countless companies and shareholders who have been RUINED by rampant NAKED SHORT SELLING...??
You are supposed to be protecting ALL COMPANIES and SHAREHOLDERS...
Do the right thing...
STOP NAKED SHORT SELLING for all INVESTORS and COMPANIES...
A Very Concerned Damaged Shareholder.
SEC Chairman Cox on Naked Shorts
SEC Chairman Christopher Cox yesterday rocked the financial community with an emergency ruling regarding how stocks are sold short. He discusses this ruling with CNBC's Erin Burnett
Jim Cramer On Naked Shorts & Chairman Cox
Stop Trading, Listen to Cramer!
Mad Money's Jim Cramer shares his stock picks and pans with CNBC's Erin Burnett
SEC Comments
Comments on Amendments to Regulation SHO
[Release No. 34-56213; File No. S7-19-07]
Outraged Investor
Subject: File No. S7-19-07
From: Outraged Investor
Affiliation: Damaged Outraged Shareholder
July 15, 2008
Commissioner Cox...
I would like to congratulate you for publicly acknowledging the existence and dangers of NAKED SHORT SELLING.
You have demonstrated that recognition by instituting special safeguards against NAKED SHORT SELLING for the GSE's and the primary dealers.
Why aren't these emergency safeguards being put into effect for the WHOLE MARKET...??
Is it because the GOVERNMENT is the one who would LOSE if these government and primary entities are SHORTED into oblivion...??
What about the countless companies and shareholders who have been RUINED by rampant NAKED SHORT SELLING...??
You are supposed to be protecting ALL COMPANIES and SHAREHOLDERS...
Do the right thing...
STOP NAKED SHORT SELLING for all INVESTORS and COMPANIES...
A Very Concerned Damaged Shareholder.
Tuesday, July 15, 2008
CMKX TREK... SEC Orders Limits On NAKED SHORT SELLING of Fannie, Freddie, Brokers...
This Just In... Cramer On NAKED SHORTING
SEC Emergency Order
SEC to Limit Short Sales of Fannie, Freddie, Brokers (Update6)
By Jesse Westbrook and David Scheer
July 15 (Bloomberg) -- The U.S. Securities and Exchange Commission will limit the ability of traders to bet on a drop in shares of brokerage firms, Freddie Mac and Fannie Mae as part of a crackdown on stock manipulation, the agency's chairman said.
Christopher Cox told the Senate Banking Committee the agency will require traders to hold shares of the two mortgage buyers and the brokerages before they execute a short sale. The order, to be in effect for as long as 30 days, will bar the practice called naked short selling, in which traders avoid the financial cost of borrowing shares when betting they'll fall.
``Since it's impossible to police false rumors, the next best option for protecting fragile financial institutions is to halt short-selling for a time being,'' said David Trone, analyst at Fox-Pitt Kelton Cochran Caronia Waller. ``The SEC's action is at least a partial measure.''
The SEC is investigating whether trading abuses contributed to the collapse of Bear Stearns Cos. in March and the 80 percent drop in the market value of larger rival Lehman Brothers Holdings Inc. this year. Fannie Mae and Freddie Mac have each lost about 80 percent of their value amid speculation the mortgage-market crisis may push the firms into insolvency.
Hedge-fund manager William Ackman, who oversees $6 billion at Pershing Square Capital Management, is among those betting shares of Fannie Mae and Freddie Mac will fall. There's no indication he is engaging in naked short selling, in which traders never borrow shares from their broker or deliver the stock to buyers.
SEC Reluctance
The SEC had been reluctant to curb short sales ``because it would require a major retooling of the plumbing of Wall Street,'' said James Angel, a professor at Georgetown University studying short sales. ``It's only when the big Wall Street firms are threatened that the SEC does something about it.''
Cox said the SEC also will draft rules ``to address these same issues across the entire market.''
Short-sellers, who borrow shares betting that they'll decline, are spreading rumors about Lehman in an organized attempt to depress the stock, according to Richard Bove, bank analyst at Ladenburg Thalmann & Co. in Lutz, Florida.
``As with Bear Stearns, Lehman has been targeted by the fear- trade,'' Fox-Pitt's Trone in a report yesterday. Lehman should go private to avoid attacks by short-sellers, he said.
Freddie Mac, down as much as 34 percent today before Cox's comments, fell 26 percent to $5.26 in New York Stock Exchange composite trading. Fannie Mae tumbled 27 percent. Lehman rose 82 cents, or 6.6 percent, to $13.22, ending a four-day slide.
More Costly
The order, published today, requires anyone making a short sale to first ``borrow or arrange to borrow'' the securities and then deliver them by the settlement date. It applies to shares in 19 firms including Citigroup Inc., JPMorgan Chase & Co. and UBS AG.
The order takes effect on July 21 and expires at the end of July 29. It may be extended for a total of 30 calendar days.
The SEC's proposal will raise the cost of short-selling a stock, said Gregory DePetris, co-founder of Quadriserv Inc., a New York brokerage that specializes in securities lending. ``There will be greater demand for shares,'' he said. ``It will make the process a little less easy.''
In traditional short selling, traders borrow stock through a broker and hope to profit by selling shares at a higher price and later buying them back at lower prices to repay the loan.
Naked short selling isn't necessarily illegal, unless authorities can prove fraud, such as a scheme to manipulate stock prices.
`More Efficient'
``Short-sellers in general help price discovery and make the market more efficient,'' said Warren Chiang, a fund manager at Mellon Capital Management, which oversees about $200 billion. ``But naked shorting isn't fair.''
U.S. Senator Charles Schumer questioned whether the SEC should restore the so-called uptick rule, which barred traders from short-selling stocks when prices are falling. The rule, scrapped in June 2007, was implemented after the Great Depression to prevent raids on companies.
While the regulator is considering ``some other kind of price test'' to regulate short selling, it has no plans to reinstitute the uptick rule, Cox said. ``It was just very clear that that rule no longer mattered,'' he said.
To contact the reporters on this story: Jesse Westbrook in Washington at jwestbrook1@bloomberg.net; David Scheer in New York at dscheer@bloomberg.net.
Last Updated: July 15, 2008 21:07 EDT
Why is there ANY DELAY on instituting this Emergency Order across the WHOLE MARKET...??
There are already a number of rules and proposals that should be ENFORCED to STOP NAKED SHORT SELLING...!!
My comment letter submitted to the SEC...
Thank you for taking the time to comment on this release.
Your comments for file number S7-19-07 were received on July 15, 2008.
Please save this page for your records.
Comments received from:
Outraged Investor
Damaged Outraged Shareholder
New Jersey
Comments:
Commissioner Cox...
I would like to congratulate you for publicly acknowledging the existence and dangers of NAKED SHORT SELLING.
You have demonstrated that recognition by instituting special safeguards against NAKED SHORT SELLING for the GSE's and the primary dealers.
Why aren't these emergency safeguards being put into effect for the WHOLE MARKET...??
Is it because the GOVERNMENT is the one who would LOSE if these government and primary entities are SHORTED into oblivion...??
What about the countless companies and shareholders who have been RUINED by rampant NAKED SHORT SELLING...??
You are supposed to be protecting ALL COMPANIES and SHAREHOLDERS...
Do the right thing...
STOP NAKED SHORT SELLING for all INVESTORS and COMPANIES...
A Very Concerned Damaged Shareholder.
SEC Emergency Order
SEC to Limit Short Sales of Fannie, Freddie, Brokers (Update6)
By Jesse Westbrook and David Scheer
July 15 (Bloomberg) -- The U.S. Securities and Exchange Commission will limit the ability of traders to bet on a drop in shares of brokerage firms, Freddie Mac and Fannie Mae as part of a crackdown on stock manipulation, the agency's chairman said.
Christopher Cox told the Senate Banking Committee the agency will require traders to hold shares of the two mortgage buyers and the brokerages before they execute a short sale. The order, to be in effect for as long as 30 days, will bar the practice called naked short selling, in which traders avoid the financial cost of borrowing shares when betting they'll fall.
``Since it's impossible to police false rumors, the next best option for protecting fragile financial institutions is to halt short-selling for a time being,'' said David Trone, analyst at Fox-Pitt Kelton Cochran Caronia Waller. ``The SEC's action is at least a partial measure.''
The SEC is investigating whether trading abuses contributed to the collapse of Bear Stearns Cos. in March and the 80 percent drop in the market value of larger rival Lehman Brothers Holdings Inc. this year. Fannie Mae and Freddie Mac have each lost about 80 percent of their value amid speculation the mortgage-market crisis may push the firms into insolvency.
Hedge-fund manager William Ackman, who oversees $6 billion at Pershing Square Capital Management, is among those betting shares of Fannie Mae and Freddie Mac will fall. There's no indication he is engaging in naked short selling, in which traders never borrow shares from their broker or deliver the stock to buyers.
SEC Reluctance
The SEC had been reluctant to curb short sales ``because it would require a major retooling of the plumbing of Wall Street,'' said James Angel, a professor at Georgetown University studying short sales. ``It's only when the big Wall Street firms are threatened that the SEC does something about it.''
Cox said the SEC also will draft rules ``to address these same issues across the entire market.''
Short-sellers, who borrow shares betting that they'll decline, are spreading rumors about Lehman in an organized attempt to depress the stock, according to Richard Bove, bank analyst at Ladenburg Thalmann & Co. in Lutz, Florida.
``As with Bear Stearns, Lehman has been targeted by the fear- trade,'' Fox-Pitt's Trone in a report yesterday. Lehman should go private to avoid attacks by short-sellers, he said.
Freddie Mac, down as much as 34 percent today before Cox's comments, fell 26 percent to $5.26 in New York Stock Exchange composite trading. Fannie Mae tumbled 27 percent. Lehman rose 82 cents, or 6.6 percent, to $13.22, ending a four-day slide.
More Costly
The order, published today, requires anyone making a short sale to first ``borrow or arrange to borrow'' the securities and then deliver them by the settlement date. It applies to shares in 19 firms including Citigroup Inc., JPMorgan Chase & Co. and UBS AG.
The order takes effect on July 21 and expires at the end of July 29. It may be extended for a total of 30 calendar days.
The SEC's proposal will raise the cost of short-selling a stock, said Gregory DePetris, co-founder of Quadriserv Inc., a New York brokerage that specializes in securities lending. ``There will be greater demand for shares,'' he said. ``It will make the process a little less easy.''
In traditional short selling, traders borrow stock through a broker and hope to profit by selling shares at a higher price and later buying them back at lower prices to repay the loan.
Naked short selling isn't necessarily illegal, unless authorities can prove fraud, such as a scheme to manipulate stock prices.
`More Efficient'
``Short-sellers in general help price discovery and make the market more efficient,'' said Warren Chiang, a fund manager at Mellon Capital Management, which oversees about $200 billion. ``But naked shorting isn't fair.''
U.S. Senator Charles Schumer questioned whether the SEC should restore the so-called uptick rule, which barred traders from short-selling stocks when prices are falling. The rule, scrapped in June 2007, was implemented after the Great Depression to prevent raids on companies.
While the regulator is considering ``some other kind of price test'' to regulate short selling, it has no plans to reinstitute the uptick rule, Cox said. ``It was just very clear that that rule no longer mattered,'' he said.
To contact the reporters on this story: Jesse Westbrook in Washington at jwestbrook1@bloomberg.net; David Scheer in New York at dscheer@bloomberg.net.
Last Updated: July 15, 2008 21:07 EDT
Why is there ANY DELAY on instituting this Emergency Order across the WHOLE MARKET...??
There are already a number of rules and proposals that should be ENFORCED to STOP NAKED SHORT SELLING...!!
My comment letter submitted to the SEC...
Thank you for taking the time to comment on this release.
Your comments for file number S7-19-07 were received on July 15, 2008.
Please save this page for your records.
Comments received from:
Outraged Investor
Damaged Outraged Shareholder
New Jersey
Comments:
Commissioner Cox...
I would like to congratulate you for publicly acknowledging the existence and dangers of NAKED SHORT SELLING.
You have demonstrated that recognition by instituting special safeguards against NAKED SHORT SELLING for the GSE's and the primary dealers.
Why aren't these emergency safeguards being put into effect for the WHOLE MARKET...??
Is it because the GOVERNMENT is the one who would LOSE if these government and primary entities are SHORTED into oblivion...??
What about the countless companies and shareholders who have been RUINED by rampant NAKED SHORT SELLING...??
You are supposed to be protecting ALL COMPANIES and SHAREHOLDERS...
Do the right thing...
STOP NAKED SHORT SELLING for all INVESTORS and COMPANIES...
A Very Concerned Damaged Shareholder.
Wednesday, July 9, 2008
SEC Delays Regulation SHO Amendment...
The Securities and Exchange Commission is re-opening the comment period on the “Amendments to Regulation SHO”.
Amendment to Regulation SHO
Purpose Of The Proposal...
"...to further reduce the number of persistent fails to deliver..."
"...to eliminate the options market maker exception to Regulation SHO’s close-out requirement..."
Commission staff obtained data on securities with extended fails to deliver from a National Securities Clearing Corporation (“NSCC”) participant...
A review of this data reveals that a high number of fails to deliver were not closed out as a result of the options market maker exception.
Let's Review...
Apparently, the SEC's own data shows that 'persistant, extended fails to deliver' would be reduced if they 'eliminate the options market maker exception'...!!
Submit Comments on File No. S7-19-07
Amendment to Regulation SHO
Comments on Amendments to Regulation SHO
My Comment Letter...
Subject: File No. S7-19-07
From: Tony Bo
Affiliation: Investor / Bagholder / Victim
July 8, 2008
To Whom It May Concern...
Excerpt from the UNITED STATES CONSTITUTION...
"To provide for the Punishment of counterfeiting the Securities and current Coin of the United States"
If the shares can NOT be delivered, COUNTERFEIT SHARES have effectively been created...
Settlement in 3 DAYS or REVERSE THE TRADE...
Why is that so hard to figure out...??
A Concerned Victim Of NAKED SHORT SELLING.
Justin Case
Subject: File No. S7-19-07
From: Justin C.
Affiliation: Victim Of Naked Shorting
July 9, 2008
RULE #1
You can't sell something you don't own.
I believe that's a pretty standard rule for the REST of the business world.
Maybe you should try that rule to stop Naked Short Selling...
Why is this SO HARD to figure out...??
If the shares can't be delivered in 3 days, the trade gets reversed.
If a company has 800 Billion Authorized shares, you can't allow brokers to sell TRILLIONS of shares.
(See CMKM Diamonds - CMKX)
ThankYaThankYaVeryMuch,
Justin C.
Damaged Shareholder
Subject: File No. S7-19-07
From: Damaged Shareholder
July 10, 2008
To Commissioner Nero...
SEC Delays Regulation SHO Amendment...
The Securities and Exchange Commission is re-opening the comment period on the Amendments to Regulation SHO.
Purpose Of The Proposal...
"...to further reduce the number of persistent fails to deliver..."
"...to eliminate the options market maker exception to Regulation SHOs close-out requirement..."
Commission staff obtained data on securities with extended fails to deliver from a National Securities Clearing Corporation (NSCC) participant...
A review of this data reveals that a high number of fails to deliver were not closed out as a result of the options market maker exception.
Let's Review...
Apparently, the SEC's own data shows that 'persistant, extended fails to deliver' would be reduced if they 'eliminate the options market maker exception'...
So why would you possibly delay implementing the elimination of the market maker exception, when your data proves it would do exactly what the proposal is trying to do, which is reduce the fails to deliver...??
Put down the fiddle, and put out this fire...
A Concerned, Damaged, Victimized Shareholder.
Amendment to Regulation SHO
Purpose Of The Proposal..."...to further reduce the number of persistent fails to deliver..."
"...to eliminate the options market maker exception to Regulation SHO’s close-out requirement..."
Commission staff obtained data on securities with extended fails to deliver from a National Securities Clearing Corporation (“NSCC”) participant...
A review of this data reveals that a high number of fails to deliver were not closed out as a result of the options market maker exception.
Let's Review...Apparently, the SEC's own data shows that 'persistant, extended fails to deliver' would be reduced if they 'eliminate the options market maker exception'...!!
Submit Comments on File No. S7-19-07
Amendment to Regulation SHO
Comments on Amendments to Regulation SHO
My Comment Letter...
Subject: File No. S7-19-07
From: Tony Bo
Affiliation: Investor / Bagholder / Victim
July 8, 2008
To Whom It May Concern...
Excerpt from the UNITED STATES CONSTITUTION...
"To provide for the Punishment of counterfeiting the Securities and current Coin of the United States"
If the shares can NOT be delivered, COUNTERFEIT SHARES have effectively been created...
Settlement in 3 DAYS or REVERSE THE TRADE...
Why is that so hard to figure out...??
A Concerned Victim Of NAKED SHORT SELLING.
Justin Case
Subject: File No. S7-19-07
From: Justin C.
Affiliation: Victim Of Naked Shorting
July 9, 2008
RULE #1
You can't sell something you don't own.
I believe that's a pretty standard rule for the REST of the business world.
Maybe you should try that rule to stop Naked Short Selling...
Why is this SO HARD to figure out...??
If the shares can't be delivered in 3 days, the trade gets reversed.
If a company has 800 Billion Authorized shares, you can't allow brokers to sell TRILLIONS of shares.
(See CMKM Diamonds - CMKX)
ThankYaThankYaVeryMuch,
Justin C.
Damaged Shareholder
Subject: File No. S7-19-07
From: Damaged Shareholder
July 10, 2008
To Commissioner Nero...
SEC Delays Regulation SHO Amendment...
The Securities and Exchange Commission is re-opening the comment period on the Amendments to Regulation SHO.
Purpose Of The Proposal...
"...to further reduce the number of persistent fails to deliver..."
"...to eliminate the options market maker exception to Regulation SHOs close-out requirement..."
Commission staff obtained data on securities with extended fails to deliver from a National Securities Clearing Corporation (NSCC) participant...
A review of this data reveals that a high number of fails to deliver were not closed out as a result of the options market maker exception.
Let's Review...
Apparently, the SEC's own data shows that 'persistant, extended fails to deliver' would be reduced if they 'eliminate the options market maker exception'...
So why would you possibly delay implementing the elimination of the market maker exception, when your data proves it would do exactly what the proposal is trying to do, which is reduce the fails to deliver...??
Put down the fiddle, and put out this fire...
A Concerned, Damaged, Victimized Shareholder.
Tuesday, July 8, 2008
CMKX - CMKM Diamonds PR...
From Business Wire...
CMKM Diamonds, Inc. Awarded a $33,675,365 Judgment; Begins Search for a New Chairman
July 08, 2008 04:00 PM Eastern Daylight Time
TYLER, Texas--(BUSINESS WIRE)--On July 1, 2008 CMKM Diamonds, Inc. was awarded a $33,675,365 judgment in a Nevada District Court against one of the former insiders of the Company, John Edwards. Mr. Edwards was labeled as one of the two “masterminds” of the scheme to defraud investors of over $64 million in a lawsuit filed on April 7, 2008 by the Securities and Exchange Commission.
The Company also announced today that it has begun the process of searching for a new Chairman. Current CEO and Chairman, Kevin West, stated, “I am very pleased with the progress being made through the Company’s litigation. It is time to begin the search for someone with the business experience that is needed to move the Company forward.”
Mr. West is currently appointing a seven member, shareholder based, “Advisory Committee” to help with this process. “Among many other qualities, the person we are looking for will be someone who can see the value of having a shareholder base of over 40,000 people from all over the world,” stated Mr. West. A new link has been added to the Company’s website at www.cmkmdiamondsinc.com for the submission of resumes to be considered for this position. Shareholders are encouraged to direct qualified prospects to this link.
Contacts
CMKM Diamonds Inc., Tyler
Kevin West, 903-262-8397
CMKM Diamonds, Inc. Awarded a $33,675,365 Judgment; Begins Search for a New Chairman
July 08, 2008 04:00 PM Eastern Daylight Time
TYLER, Texas--(BUSINESS WIRE)--On July 1, 2008 CMKM Diamonds, Inc. was awarded a $33,675,365 judgment in a Nevada District Court against one of the former insiders of the Company, John Edwards. Mr. Edwards was labeled as one of the two “masterminds” of the scheme to defraud investors of over $64 million in a lawsuit filed on April 7, 2008 by the Securities and Exchange Commission.
The Company also announced today that it has begun the process of searching for a new Chairman. Current CEO and Chairman, Kevin West, stated, “I am very pleased with the progress being made through the Company’s litigation. It is time to begin the search for someone with the business experience that is needed to move the Company forward.”
Mr. West is currently appointing a seven member, shareholder based, “Advisory Committee” to help with this process. “Among many other qualities, the person we are looking for will be someone who can see the value of having a shareholder base of over 40,000 people from all over the world,” stated Mr. West. A new link has been added to the Company’s website at www.cmkmdiamondsinc.com for the submission of resumes to be considered for this position. Shareholders are encouraged to direct qualified prospects to this link.
Contacts
CMKM Diamonds Inc., Tyler
Kevin West, 903-262-8397
CMKX / CMKM Diamonds - PalTalk International Mutant Grapevine Room...
How do you keep a CMKX shareholder in suspense...??
I'll tell you TOMORROW...!!
(2:39 AM) spiderman1959: I have a very important message for all shareholders. I will be in here tomorrow night at 9 PM Eastern to give you this message. Be here!
(2:39 AM) spiderman1959: PS NO Questions at this time please! Message is of a positive nature. That's all for now.
(2:43 AM) spiderman1959: Yes I trust it will be piped in ALL CMKM rooms
(2:45 AM) spiderman1959: I want ALL 40-60 thousand shareholders to hear this message. It is a good message.
(2:54 AM) spiderman1959: I'm sorry I want everyone that can hear it to hear it the same time and I presume it will be MP3'd for all.
PalTalk... Tuesday Night... 9PM Eastern...
I'll tell you TOMORROW...!!
(2:39 AM) spiderman1959: I have a very important message for all shareholders. I will be in here tomorrow night at 9 PM Eastern to give you this message. Be here!
(2:39 AM) spiderman1959: PS NO Questions at this time please! Message is of a positive nature. That's all for now.
(2:43 AM) spiderman1959: Yes I trust it will be piped in ALL CMKM rooms
(2:45 AM) spiderman1959: I want ALL 40-60 thousand shareholders to hear this message. It is a good message.
(2:54 AM) spiderman1959: I'm sorry I want everyone that can hear it to hear it the same time and I presume it will be MP3'd for all.
PalTalk... Tuesday Night... 9PM Eastern...
Wednesday, July 2, 2008
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