Wikkepedia defines Naked Short selling. Pat Byrnes, CEO of Overstock.com , has lead the fight against this illegal activity for years. Chris Cox , heads the SEC and undermines market integrity and confidence by refusing to act against it. Naked Short selling is selling stock you do not own, have not borrowed, and do not intend to buy back. It is illegal but there is no punishment for doing it, no enforcement, no oversight. It is counterfeiting money without penalty. Hedge funds engage in it on massive scales. Short selling creates shares of stock not issued by the company. Naked short selling leaves those shares outstanding forever. Senator Bob Bennet (R) Utah in Senate hearings (See video) exposed and illustrated this issue in the case of Global Limited, symbol GLKCE. Robert Simpson purchased 100% of GLKCE shares in a public tender. He acquired every existing share, by number. He put them in his dresser drawer. Over the next two days, 60,000,000 shares of the stock traded on the exchanges, shares that did not exist, naked shares, sold short. See Karl Theil’s article of 3-24-05 or Overstock links. Chris Cox has failed to act against the practice and McCain is right to move against him. I am feeling better about McCain,. The more I hear, the better I like what I hear. McCain has integrity.SEC

Tags: Cox sec