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| == Prominent opponents == | == Prominent opponents == | ||
| News articles from as far back as early 1999 up to the current time (2006) cite the following as being vocal in their opposition to Naked Shorting. | |||
| ;David Patch. | ;David Patch. | ||
| :Publisher. | :Publisher. | ||
| :David Patch's arguments can be most easily understood by examining his numerous letters to the ], for example one of his earliest letters (an ) | |||
| ;Patrick Byrne. | ;Dr. Patrick Byrne. | ||
| :Chief executive of Internet retailer, . | :Chief executive of Internet retailer, . | ||
| :Dr. Byrne explains the problems with naked shorting in a series of interviews with Salt Lake City's local Judd: | |||
| :: An interview with Patrick on the background of Naked Shorting | |||
| :: A second interview where Dr. Byrne explains his "Jihad" on Wall Street | |||
| :: A third interview titled "Naked Shorting 101" | |||
| :: | |||
| :: | |||
| ;Bob O'Brien | ;Bob O'Brien | ||
| :Founder of (National Coalition Against Naked Shorting) | :Founder of (National Coalition Against Naked Shorting) | ||
Revision as of 19:28, 11 January 2006
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Naked Shorting is a form of manipulating a stock market. Illegal in the USA. It occurs when someone shorts a stock without borrowing it first, thereby selling something that does not yet exist.
The Problem
One problem with this practice is that some naked short sellers never cover their end of the deal and create imbalances within the stock market, diluting the price of stocks. Some claim that the problem has grown to the point that it has cost stock holders trillions of dollars over the last decade, however there are others that argue the problem - though important - isn't quite as wide spread as this or as expensive.
Prominent opponents
News articles from as far back as early 1999 up to the current time (2006) cite the following as being vocal in their opposition to Naked Shorting.
- David Patch.
- Publisher.
- David Patch's arguments can be most easily understood by examining his numerous letters to the SEC, for example one of his earliest letters (an example)
- Dr. Patrick Byrne.
- Chief executive of Internet retailer, Overstock.com.
- Dr. Byrne explains the problems with naked shorting in a series of interviews with Salt Lake City's local BusinessJive Judd:
- http://businessjive.com/podcast/051127-byrne-businessjive.mp3 An interview with Patrick on the background of Naked Shorting
- http://businessjive.com/podcast/051204-byrne2-businessjive.mp3 A second interview where Dr. Byrne explains his "Jihad" on Wall Street
- http://businessjive.com/podcast/051226-byrne3-businessjive.mp3 A third interview titled "Naked Shorting 101"
- http://businessjive.com/nss/darkside.html
- http://businessjive.com/nss2/darkside2.html
- Bob O'Brien
- Founder of NCANS (National Coalition Against Naked Shorting)