Friday, August 15, 2008
Chris Cox Exposed
"The [SEC's] enhanced provisions adopted recently to address naked short sales must have been adopted for purely symbolic or psychological reasons. ... If naked short selling was a prevalent problem affecting the stocks covered by the SEC's enhanced provisions, I would have expected to see those names on the 'threshold securities' list distributed daily by the U.S. equity exchanges. ... Threshold securities are stocks having a significant rate of 'failing' to be delivered by settlement date to prime brokers or other customers after having been sold (presumably long)", Bob Leverich letter to the WSJ, 1 August 2008.
Is Chris Cox (CC) fooling anyone with this? I saw my old "buddy" Harvey Pitt (HP), formerly SEC Chairman on "Nightly Business Report" on PBS on 12 August 2008. HP was singing the same song about naked short selling CC does. Are these guys for real?