Naked Came the Hullabaloo
The latest naked shorting hullabaloo has to be the most bizarre I've seen -- a spate of postings on various Baloney Brigade websites touting a massive "stock counterfeiting" conspiracy involving an obscure OTC stock called Global Links.
The thesis is that "ten times" the number of shares outstanding in this dreadful little company were "counterfeited." The "evidence" is the usual hocus-pocus -- failed-delivery data that proves absolutely nothing and never does. In this case the data are distorted by more reverse splits than you could see at the gymastic competition in the 1960 Olympiad.
The Securities and Exchange Commission is being smeared right and left for a "cover up." My attitude is "serves 'em right."
Time and again the SEC has kowtowed to these loonies, and has failed to expose this fraudulent "market reform" movement for the fraud that it is. It's what is known in politics as an "astroturf" movement -- a phony "grass roots" campaign that actually carries water for excuse-seeking CEOs and pump-and-dump scam artists.
So the SEC is being slammed. Good. That is what I call "reaping what you sow."
© 2006 Gary Weiss. All rights reserved.
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