Kaufman, Isakson on the SEC Round Table
“Tomorrow’s SEC roundtable is long awaited, but it is clear that the panel is stacked against the need for restrictions on naked short selling. In the recent financial decline, there was abusive short selling enabled by the repeal of the 70-year-old uptick rule and a lack of so-called pre-borrow or hard locate requirements.
via Senator Ted Kaufman — Senator for Delaware: Newsroom – Press Release.
Just FYI, here are Sens. Ted Kaufman (D-DL) and Johnny Isakson (R-GA) issuing a statement about the SEC round table on naked short-selling, and what a bunch of shit it is.
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We have crossed a strange threshold in the annals of capitalism. I feel as if on one level, there is the classic capitalist economy of Adam Smith that centers on the exchange of goods and services for cash and credit in the public marketplace. Then there is a second “upper” level–the casino economy–which is contingent on the activity of the first, but is not necessarily bound by its realities. On this level, is speculation, currency trading, naked short selling, etc. While these activities have always existed in some form (except perhaps for naked short selling, not legally, anyway), the quickness with which these transactions are now executed is alarming, as well as the disproportionately large role they play in the economy in general. As each new moneymaking scheme and tactic becomes perfected, the next big greed-motivated innovation is always right around the corner; a new way to make money on top of money without having to actually make, produce, or deliver an actual, tangible commodity. Consequently, these innovations will always be several steps ahead of the regulatory mechanisms that are designed to protect investors and the general public from their harebrained schemes. The laws that govern Wall Street tend to be very specific, and as such are easily loopholed or evaded altogether.