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Cała prawda jest "naked"

Jesli ktos jest zainteresowany sytuacja kryzysowa na swiecie, niech poczyta sobie ponizsze informacje, ktore mowia prade o tym co w ostatnich latach nastapilo, tylko mozna sie domyslec kto za tym wszystkim stoi...




Overstock CEO Comments on SEC's New Rules Against Naked Short Selling
'No penalties for financial rapists' declares Byrne
SALT LAKE CITY, Sept. 17 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) chairman and CEO Patrick M. Byrne comments on the SEC's September 17, 2008 press release (see http://www.sec.gov/news/press/2008/2008-204.htm) that purports to protect investors against naked short selling.

Dr. Byrne commented, 'At the core of the SEC announcement is a decision that if a hedge fund naked shorts a stock, its broker isn't supposed to let them naked short again. But guess what: they were not supposed to naked short in the first place. Instead of giving the buyer who receives the fail the right to put it back to the naked short selling participant, the SEC once again opts for no penalties for financial rapists.

'If the SEC were anything but a hedge fund bootlick,' continued Byrne, 'it would not have taken the half-measure of a pre-borrow requirement applied only as a penalty for those failing to deliver within T+3, but would have instituted a market-wide pre-borrow requirement (as it did in its July 15, 2008 Emergency Order protecting Upper Caste financial firms), and mandatory buy-ins at T+3.

'Some questions for the SEC:

1. How will the SEC determine whether an institution is in compliance with this rule? The only way to determine compliance is through an SEC audit, something that could only occur months after the fact. In the case of a bear raid, that will be too late.

2. Where is the 'buy-in' requirement? Under the new SEC rules a crooked hedge fund can still naked short sell without settlement and keep that short open indefinitely. It appears that only future naked short sales will require a pre-borrow and that there is still no closeout requirement for failed trades.

3. What of manipulative day trading? Chairman Cox has admitted that the financial stocks did not have a significant level of naked shorts, but rather collapsed under day trading activities. The new rule fails to address this, the very activity that generated the need for the July 15, 2008 emergency order. The manipulative day trading short seller never has a position open for three days. However, under the new rules, he can still use a single locate multiple times to create the best leverage possible to drive natural investors out of the market.

4. Where are the penalties? Without meaningful penalties, these rules have no bite. The SEC needs to make sure that the rules are strictly and aggressively enforced -- both for failures to deliver that occur within the CNS system and outside the CNS system in ex-clearing trades, where, I suspect, there is naked shorting that makes the object of current SEC concerns look like small potatoes.

'Rule 10b-21, the short selling anti-fraud rule, is a carefully contrived joke. It moves from a low-penalty too-vague-to-enforce rule, to a high-penalty too-vague-to-enforce rule. Without strict and aggressive SEC enforcement (for which the SEC has zero demonstrated record) it will be just more lines of meaningless pabulum in the Federal Register.

'On the bright side, the SEC has eliminated a major loophole in Regulation SHO, the options market maker exception. There was never a good reason why options market makers should have been allowed to naked short and fail to deliver in perpetuity. For taking this long overdue action, I applaud the SEC.

'What is needed is a Congressional investigation into the abortion that is our nation's stock settlement system, focusing especially on the DTCC. A healthy next step would be to unplug the SEC and move its functions into the DOJ.'

About Overstock.com

Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.

Overstock.com(R) is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding investor protections against naked short selling. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.

SOURCE Overstock.com, Inc.



Source: PR Newswire (September 17, 2008 - 3:08 PM EDT)




========================================================

September 30, 2008 - 4:56 PM EDT

Patrick Byrne Comments on Bailout Plan
'America Has Something Wall Street Needs, Wall Street Has Something America Deserves,' states Byrne. 'Let's Trade.'
SALT LAKE CITY, Sept. 30 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) chairman and CEO Patrick M. Byrne comments on the proposed bailout plan.

Dr. Byrne commented, 'Wall Street has come to the U.S. taxpayer hat-in-hand. As Congress considers using $700 billion of taxpayer money to rescue Wall Street, Congress should extract protections from the Wall Street corruption that has robbed Americans -- particularly manipulative naked short selling. If Wall Street wants so much of the American taxpayer, the American taxpayer can in return demand something minor: that in the future, Wall Street must deliver the stock it sells. Congress should take the following steps to ensure that the insidious practice of naked short selling stops by reforming our stock settlement system so that trades actually settle, Americans receive the shares they pay for, and Wall Street manipulation stop:

1. Enact a market-wide mandatory pre-borrow requirement for all short sales;

2. Put in place a market-wide hard-delivery requirement on T+3 (as provided in the September 17, 2008 emergency order) for all short sales;

3. Create the obligation that for any failure-to-deliver, the broker-dealer must force a mandatory buy-in;

4. Create a system that tracks each trade cradle-to-grave, so that prosecutors can go after naked short sellers;

5. Require regular and timely disclosure by naked short sellers of when and how many shares they are failing to deliver; and

6. Enforce these rules, including significant monetary penalties and jail time.'

'Naked short selling is a significant issue -- one that by their own accounts have contributed to the recent fall of some of our great financial institutions and exacerbated the current market crisis. More than 7,500 securities have appeared on the Regulation SHO threshold list, and more than 850 companies have appeared for over 100 trading days. There are currently more than 450 companies on the Regulation SHO threshold list, and almost 200 of those companies have been on the list for more than 100 trading days. A conservative mark-to-market calculation of the failure-to-deliver data released by the SEC shows that the total value of failures-to-deliver on one day, June 25, 2008, was nearly $14.9 billion dollars. Of that sum, $8.4 billion (that is, 56%) were failures in securities then enjoying the pseudo-protection of the SEC's Regulation SHO threshold list.'

'A well functioning capital market should not have any settlement failures large enough and protracted enough to merit a firm's inclusion on the Regulation SHO Threshold List. These statistics reflect unabated illegal manipulative naked short selling. Some of the participants who only a year ago were denying the existence of naked short selling now enjoy extraordinary protection from it (those who have not been vaporized, that is). Only when the Congress has laws in place that ensure settlement of all trades and when it vigorously enforces those laws, will the scourge of manipulative naked short selling stop.'

'For further information, please visit http://www.DeepCapture.com.'



===========================================================

Overstock CEO Patrick Byrne Sends Open Letter to President Bush
'Enact a market-wide mandatory pre-borrow requirement for all short sales' writes Byrne
SALT LAKE CITY, Oct. 10 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) chairman and CEO Patrick M. Byrne sends an open letter to President George W. Bush.

October 10, 2008

Mr. George W. Bush
President of the United States of America
1600 Pennsylvania Avenue
Washington, D.C. 20500

Dear President Bush,

I was pleased to hear you say today that the SEC is taking action to stop manipulative practices in our markets. One such practice that the SEC must stop immediately is the insidious practice of naked short selling. In order for our stock settlement system to work so that trades actually settle, the SEC (or Congress) must take the following steps:

1. Enact a market-wide mandatory pre-borrow requirement for all short
sales;
2. Put in place a market-wide hard-delivery requirement on T+3 for all
sales;
3. Require that for any failure-to-deliver, broker-dealers must force a
mandatory buy-in;
4. Track each trade cradle-to-grave, so that prosecutors can go after
naked short sellers;
5. Require regular and timely disclosure by naked short sellers of when
and how many shares they are failing to deliver; and
6. Enforce these rules, including significant monetary penalties and jail
time.


In addition, I believe that Washington must conduct a 9-11 Commission kind of investigation into our nation's entire clearing and settlement system.

Naked short selling is a significant issue. It has contributed to the recent fall of some of our financial institutions and exacerbated the current market crisis.

A well functioning capital market should settle trades. Only when there are laws in place that ensure settlement of all trades and when those laws are vigorously enforced, will the scourge of manipulative naked short selling stop.

Sincerely,

Patrick M. Byrne, PhD.
Chairman and Chief Executive Officer

cc: Senator Harry Reid, Senate Majority Leader
Senator Christopher J. Dodd, Chairman, Senate Banking, Housing, and
Urban Affairs Committee
Senator Richard Shelby, Ranking Member, Senate Banking, Housing, and
Urban Affairs Committee
Representative Nancy Pelosi, Speaker of the House of Representatives
Representative Barney Frank, Chairman, House Committee on Financial
Services
Representative Spencer Bachus, Ranking Member, House Committee on
Financial Services
Christopher Cox, Chairman, Securities and Exchange Commission
Kathleen L. Casey, Commissioner, Securities and Exchange Commission
Elisse B. Walter, Commissioner, Securities and Exchange Commission
Luis A. Aguilar, Commissioner, Securities and Exchange Commission
Troy A. Paredes, Commissioner, Securities and Exchange Commission
Eric R. Sirri, Director, Division of Trading and Markets, Securities
and Exchange Commission
Henry 'Hank' M. Paulson, Jr., Secretary, Department of Treasury





11 padziernik 2008

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