I don’t understand how this is happening when all shorts are legally required to be covered by owning the stock or having bought an option.
As someone aptly stated last night on FR, “Naked shorts are illegal.”
When you own the regulatory agencies, the prosecutors, and the judges, there is no such thing as “illegal”.
I guess hedge funds are more equal that the little guy who holds game stop to get away with these hijinks. Now I think the price will rise until the little guy is willing to sell.
“As someone aptly stated last night on FR, ‘Naked shorts are illegal.’”
Not quite. What is illegal is failing to deliver on an out-of-the-money short, naked or covered. A trader has three days to transfer (or buy, if not in legal possession) the stock and deliver it on a short trade. Here are the SEC rules: https://www.sec.gov/investor/pubs/regsho.htm
The entire system is corrupt from top to bottom. Not just the financial system. The elite are not under the law. They do as they want. This is what Tyranny is. Now what did the founders say about Tyranny?
As someone aptly stated last night on FR, “Naked shorts are illegal.”
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If we had functional SEC, this should never happen. Another bloated, rotted-out FedGov agency.