Stockgate - Naked Shorting Scandal: BIG story gaining traction

» Kirk - BIG story gaining traction

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I think the big story is naked shorting which is basically counterfeiting shares.

I have one stock that has been on the Reg SHO list for a long time with I think 33% unaccounted for shares short. I won't mention its name in case I am wrong and I don't want to get in trouble for pumping, etc....

But CNBC just had the CEO of overstock.com on vs. a swarmy hedge fund manager who would admit he was short the shares... but had no answer for why there were more shares short than delivered.

He ALSO said it was quite common for hedge fund managers to talk to reporters and there was no conspiracy behind hedge fund managers manipulating stocks through the press... Bellshhheeet is my reply.

I sent a note to Ron Insana, the CNBC reporter doing the interview, and wrote that a CEO can not talk to reporters and NOT disclose what was said unless he wants to visit jail due to Reg FD. These hedge fund players often control more stock than insiders in companies... so why should they not be subject to the same Reg FD rules? How they act, long or short, is material to a stock's price so it should be disclosed!

-- posted by Kirk