Posted on 10/10/2008 4:05:48 AM PDT by Liz
SEC Chairman Chris Cox - already in the doghouse with institutional investors over a series of seemingly ineffective bans on short selling - is suffering a loss of confidence among his fellow commissioners. Sources say Cox's recent pitches to his fellow commissioners - who are responsible for implementing the laws that govern the securities industry - to continue shoring up short-selling protections, have fallen on deaf ears. Specifically, the panel has shrugged off his suggestion that they consider ways to help ease the lifting of the short-selling ban - which was not in effect yesterday - with a sort of speed bump, like the so-called uptick rule.
(Excerpt) Read more at nypost.com ...
And of course, prohibition on shorting has nothing to do with Hedge Funds selling to cover redemptions, and the freefall the market is in right now - The SEC certainly knows what they are doing here. </sarc)
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