Comments on: The SEC wants to put an end to false rumors… http://www.footnoted.com/sec-stuff/the-sec-wants-to-put-an-end-to-false-rumors/ Morningstar's guide to what's hiding in SEC filings Fri, 10 Feb 2012 20:24:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Edith Orenstein http://www.footnoted.com/sec-stuff/the-sec-wants-to-put-an-end-to-false-rumors/comment-page-1/#comment-5824 Edith Orenstein Wed, 16 Jul 2008 20:59:21 +0000 http://www.footnoted.com/?p=1970#comment-5824 Michelle, I had a feeling SEC may have put out a press release in 2001 or 2002 on a Sunday, there were some fairly urgent goings-on happening back then in the pre-Sarbox period; I figured there may have been one on Enron or WorldCom (which apparently there wasn't) but they did issue a press release on Sunday Sept. 16, 2001, following the Sept. 11 tragedy and related disruption of the markets, (after issuing a number of press releases on Sept. 11 and 14) by noting: "SEC To Monitor Securities Markets When They Open Monday." (Full disclosure: I worked at SEC 12/99-1/04 in Office of Chief Accountant). PS After reading about your iPhone exploits last year I was wondering if you've bought iPhone 3G or are downloading the software upgrade :-) Michelle, I had a feeling SEC may have put out a press release in 2001 or 2002 on a Sunday, there were some fairly urgent goings-on happening back then in the pre-Sarbox period; I figured there may have been one on Enron or WorldCom (which apparently there wasn’t) but they did issue a press release on Sunday Sept. 16, 2001, following the Sept. 11 tragedy and related disruption of the markets, (after issuing a number of press releases on Sept. 11 and 14) by noting: “SEC To Monitor Securities Markets When They Open Monday.” (Full disclosure: I worked at SEC 12/99-1/04 in Office of Chief Accountant). PS After reading about your iPhone exploits last year I was wondering if you’ve bought iPhone 3G or are downloading the software upgrade :-)

]]> By: Maggie Knowles http://www.footnoted.com/sec-stuff/the-sec-wants-to-put-an-end-to-false-rumors/comment-page-1/#comment-5815 Maggie Knowles Tue, 15 Jul 2008 18:20:43 +0000 http://www.footnoted.com/?p=1970#comment-5815 See what I mean? Problem is, they're only restricting this practice for Fannie/Freddie: http://tinyurl.com/6haj9l SEC to limit naked shorting of Fannie, Freddie, brokers SAN FRANCISCO (MarketWatch) -- Christopher Cox, chairman of the Securities and Exchange Commission, said on Tuesday that the regulator will try to limit so-called naked shorting of shares in Fannie Mae. The SEC will issue an emergency order stating that all short sales of shares in these companies will be subject to a "pre-borrow" requirement, Cox explained. This will last for 30 days, he added. The SEC is also planning more rule-making focused on the broader market, Cox said. In a typical short sale, traders sell borrowed shares, hoping to buy them back at a lower price and return them to the lender. The difference is kept as profit. In naked shorting, a trader shorts a stock without first making necessary arrangements to borrow shares. That sometimes means the seller fails to deliver the stock to the buyer and the trade can't be settled, running afoul of securities laws. See what I mean? Problem is, they’re only restricting this practice for Fannie/Freddie:

http://tinyurl.com/6haj9l
SEC to limit naked shorting of Fannie, Freddie, brokers

SAN FRANCISCO (MarketWatch) — Christopher Cox, chairman of the Securities and Exchange Commission, said on Tuesday that the regulator will try to limit so-called naked shorting of shares in Fannie Mae. The SEC will issue an emergency order stating that all short sales of shares in these companies will be subject to a “pre-borrow” requirement, Cox explained. This will last for 30 days, he added. The SEC is also planning more rule-making focused on the broader market, Cox said. In a typical short sale, traders sell borrowed shares, hoping to buy them back at a lower price and return them to the lender. The difference is kept as profit. In naked shorting, a trader shorts a stock without first making necessary arrangements to borrow shares. That sometimes means the seller fails to deliver the stock to the buyer and the trade can’t be settled, running afoul of securities laws.

]]> By: Maggie Knowles http://www.footnoted.com/sec-stuff/the-sec-wants-to-put-an-end-to-false-rumors/comment-page-1/#comment-5808 Maggie Knowles Tue, 15 Jul 2008 01:04:31 +0000 http://www.footnoted.com/?p=1970#comment-5808 Have you read http://www.deepcapture.com/ ? or watched the presentation on Wall Street corruption at http://www.businessjive.com/ ? I wonder if the SEC should stop the Failure To Deliver loophole immediately - think that would help? Have you read http://www.deepcapture.com/ ? or watched the presentation on Wall Street corruption at http://www.businessjive.com/ ? I wonder if the SEC should stop the Failure To Deliver loophole immediately – think that would help?

]]> By: Bernie Ford http://www.footnoted.com/sec-stuff/the-sec-wants-to-put-an-end-to-false-rumors/comment-page-1/#comment-5806 Bernie Ford Mon, 14 Jul 2008 21:05:47 +0000 http://www.footnoted.com/?p=1970#comment-5806 It may sound stupid or foolish or damaging, and you probsbly on principal should not spread. But what kind of detrrence will they impose on the rumor repeater who says: "I didn't know for sure it was false." Sounds not too well thought out. We'll see Rumor Police, What kind of society is that. It may sound stupid or foolish or damaging, and you probsbly on principal should not spread. But what kind of detrrence will they impose on the rumor repeater who says: “I didn’t know for sure it was false.” Sounds not too well thought out. We’ll see Rumor Police, What kind of society is that.

]]> By: Frank Graham http://www.footnoted.com/sec-stuff/the-sec-wants-to-put-an-end-to-false-rumors/comment-page-1/#comment-5805 Frank Graham Mon, 14 Jul 2008 16:05:49 +0000 http://www.footnoted.com/?p=1970#comment-5805 Some hard core financial facts. http://www.stocktiming.com/Monday-DailyMarketUpdate.htm At the close on Friday, the Banking Index was at 54.67. The 1998 support was 54.57. In spite of Freddie Mac and Fannie Mae's huge drops, the Banking index HELD the 1998 support. If it closes above the 2002 resistance at 60.87, then we should see the Banking Index move up to its 65.75 resistance that was set in 2003. This Thursday, July 17, 2008 at 5:00 PM ET, Merrill Lynch will announce its Second Quarter 2008 Earnings. The market is really nervous about this one, and investors are afraid that "another shoe may drop" when they announce. This has to be a hindrance for the Banking Index to move up bravely now after a very oversold condition. We are at a critical point that the Government and the Fed. must continue to act decisively in order to abate continued selling by the large Institutional investors. This will be a critically important week for the Fed. with little or no margin for error. Some hard core financial facts.

http://www.stocktiming.com/Monday-DailyMarketUpdate.htm

At the close on Friday, the Banking Index was at 54.67. The 1998 support was 54.57. In spite of Freddie Mac and Fannie Mae’s huge drops, the Banking index HELD the 1998 support.

If it closes above the 2002 resistance at 60.87, then we should see the Banking Index move up to its 65.75 resistance that was set in 2003.

This Thursday, July 17, 2008 at 5:00 PM ET, Merrill Lynch will announce its Second Quarter 2008 Earnings. The market is really nervous about this one, and investors are afraid that “another shoe may drop” when they announce. This has to be a hindrance for the Banking Index to move up bravely now after a very oversold condition.

We are at a critical point that the Government and the Fed. must continue to act decisively in order to abate continued selling by the large Institutional investors. This will be a critically important week for the Fed. with little or no margin for error.

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