Wow, to watch Fast Money one last time I decided to flip to CNBC, and what happened? Whitney talked with Maria… Wow, my two favourite ladies (NOT!) I am SO GLAD I watched Bloomberg… Objective information and not drivel…
So Maria asked her, “what do you think of these shorting rules?”
Her reply, “You need the ability to short and to keep the market efficient. Naked shorting is another thing.”
Wow for a woman who called the crash she is being very dim witted. What is this called? GROUP-THINK!!!!! Yes instead of actually figuring out what the legislation is about you just spew lunacy. Ok Whitney, here you go… Here is the legislation.
Effective July 21, 2008 a SEC emergency order intended to enhance investor protections against “naked” short selling in the securities listed below will take effect. In accordance with this order, customer short sale orders in these securities may not be effected unless IB has determined beforehand that the shares are available for lending. Customers may use the Short Stock (SLB) Availability tool within Account Management to check on real-time availability of stocks for borrowing/shorting purposes as well as indicative borrow rates.
Please note that due to the special considerations associated with maintaining available shares in these securities, IB reserves the right to apply interest charges effective as of the trade date as opposed to the settlement date and that rates and stock availability are subject to change significantly. This order is intended to terminate by the end of July 29, 2008 unless further extended by the SEC.
Whitney, where does it say that you cannot short? Where does it impede the efficiency of the market?
Ah yes, the problem is not the legislation but now you are not able to predict how bad the banks are and keep driving down their stocks to the glee of your company!
Whitney, and Maria I challenge you to prove me wrong in that this legislation impedes your ability to short!