Friday, September 19, 2008

SEC Halts Shorting Financials and is Bashed

'Mind Blowing Stupidity' Update: Whither the Uptick Rule? Journalist Gary Weiss usually gets the right perspective as he probes the underside of the Street. "What makes the SEC action mind-blowingly stupid is that this: if there was abusive shorting of the financials--and there's no evidence of any, not that it matters--it was because the SEC allowed it, by revoking the uptick rule." More at The idiocy of the US Fed, the SEC and the rest of them
9/23 NYPost: HFs considering legal challenge.

In concert with U.K. FSA SEC took temporary action to prohibit shorting to 'protect the integrity and quality of the market and strengthen investor confidence.' Applies to 799 financials effective immediately. SEC bashed over short-selling ban Managed Funds Association seeking exemptions and a rewrite of the shorting ban. Hasn't ruled out legal action.

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