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Post by eastcoastswing on Sept 29, 2008 10:25:57 GMT -5
Hedge fund managers are reluctantly preparing to disclose their short positions to U.S. regulators Monday, a move set to give a rare public glimpse into their secretive trading strategies two weeks later. For shareholders who have blamed short sellers for driving down company stocks, it will be a chance to see who is targeting their firm.
It is also an experiment by U.S. securities regulators, putting short sellers briefly on a similar footing to large investors who accumulate stocks and are required to regularly disclose their positions publicly.
Under a temporary Securities and Exchange Commission order, big money managers will have to reveal the number and value of securities sold short each day last week.
The disclosures are part of a series of measures the SEC has undertaken to crack down on market manipulation with an eye to calming markets rocked by a series of bank failures and fears the credit crisis will worsen.
FIND MORE STORIES IN: Germany | Canada | Australia | Wall Street | Securities and Exchange Commission | United Kingdom | Coca-Cola | Bear Stearns | JPMorgan Chase | Lehman Brothers | Edgar | Securities Industry | Financial Markets Association | Washington D.C.-based | Financial Services Authority | Managed Funds Association But hedge funds and short sellers have cried foul and one has likened the disclosures to forcing Coca-Cola to reveal its secret formula to its competitors.
Short sellers fear that once their positions are revealed to the public, other investors will copy their positions or reverse engineer their proprietary trading strategies.
"Let's suppose a quant fund, another class of hedge funds has a large short position based on a computer model or algorithm, investors or traders could try to artificially squeeze the quant fund by buying what they are short," said Doug Kass, a short-seller who is founder and president of hedge fund Seabreeze Partners Management.
Short sellers, who sell borrowed stock in hopes its price will fall, have been accused of driving down stocks in major financial firms like HBOS, Lehman Brothers and Bear Stearns.
Lehman filed for bankruptcy protection earlier in September. Bear Stearns was sold to JPMorgan Chase in an emergency sale brokered in March by U.S. officials.
The SEC and other regulators in the United Kingdom, Germany, Canada and Australia has imposed temporary bans on the shorting of financial stocks.
The U.K.'s Financial Services Authority has also imposed a similar disclosure rule and is requiring investors with an existing short position above 0.25% of a financial company's share capital to declare the size of their holding every day.
The SEC will keeps its information private for two weeks. After that, the information will be disclosed to the public on via online Edgar filing system. The Washington D.C.-based hedge fund lobby group, the Managed Funds Association, has urged the SEC to amend the order and keep the information private.
It is unclear whether the SEC will amend the order. However, the agency is expected to consider permanent rules requiring short interest disclosure.
The SEC is requiring money managers to file a comprehensive form that includes their short position at the beginning of the day, the number of securities sold short, the value of the securities sold short and the short position at the end of the day.
The form also requires money managers to disclose their largest intraday short position and the time of day of the largest intraday short position.
"The degree of difficulty in completing the new form is related to the degree of short trading activity of each manager and the level of sophistication the manager possesses in capturing the required information," said David Tittsworth, executive director of the Investment Adviser Association, which represents about 500 firms that collectively manage about $9 trillion in assets.
Travis Larson, vice president with Wall Street lobby group the Securities Industry and Financial Markets Association, said most firms will be ready by Monday. "Everyone recognizes it will be a lot of work between now and then," he said late on Friday.
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Post by Catdaddy on Sept 29, 2008 10:34:37 GMT -5
eastcoastswing, Great articles! Later, Catdaddy
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Post by ironman on Sept 29, 2008 12:35:37 GMT -5
I don't really know how the Wall St. clean up would relate to CMKX and its trading status. By: hakkoryu_style 28 Sep 2008, 04:48 AM EDT Msg. 769174 of 769181 Jump to msg. # Hopefully the Wall St. clean up will help us to start trading again and add value to what many of us invested in. If anyone has any news that may relate please reply. Thank you By: rosencrantz2010 28 Sep 2008, 06:09 AM EDT Msg. 769176 of 769181 (This msg. is a reply to 769174 by hakkoryu_style.) Jump to msg. # hak, i hope you are right. there are a number on this board that agree with your thinking. i don't have any idea whether or not wall street's clean up has a thing to do with us, but i sure hope it does because i'm tired of waiting around wondering if we'll ever see our investment. keep your fingers crossed we don't hear in a few weeks cmkx investors have to wait at least another six months before we have a chance to trade again due to the cost of wall street's clean up. LOL (i've already read that fear being expressed by one poster.) By: mij13 28 Sep 2008, 07:30 AM EDT Msg. 769177 of 769181 (This msg. is a reply to 769174 by hakkoryu_style.) Jump to msg. # clean up has nuthing 2do with us and to trade we need some type of core cash to show the markets we are for real.This is gonna take time.only positive I see now is this company refuses to die and hard work is in place to catch the ones that ruin ruined the company and our hard money earned we invested here.since this mess I still refuse to play the markets till this day All my IMO
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Post by soonerlew on Sept 29, 2008 18:53:37 GMT -5
By: oil.ipo 29 Sep 2008, 10:38 AM EDT Msg. 769196 of 769341 Jump to msg. # Maheu's Plan did not include almost a Trillion in Bribe money.
When the cats away the mice will play.
Maheu would have let the roof fall in on these crooks.
At this point Nothing will save the ECONOMIC PLANET but "SAY GREEN" to CORRUPTION, and yes the Hedge Fund Managers, VP's, and CEO's can still have their 50 mm bonus packages for the holidays and walk away compensation plans.
All is great, and all are happy with new proposals. As long as some of the crooks were locked up, and Naked Shorting was brought to the attention of the world at large. It is no back room discussion any longer. It remains illegal then, and it is illegal now to counterfeit securities, and steal what is not yours. The President of the USA is now aware publicly, and so it is no longer justified to maintain corruption, and ignore the laws/penalties/DAMAGES ESPECIALLY. New legislation is enacted, and derivative exposure has made for an edgy party crasher.
You can run but you cannot hide. Crime does pay for some who got away with it, but certainly does not pay 4 all of the crooks who get caught in the end. They must be made an example of in this society. When your scam is front page news basically the game is over for you.
Political history prevails.
Now pay us.
AIMHO2~
Oil
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Post by soonerlew on Sept 29, 2008 18:54:08 GMT -5
By: dennissullenger 29 Sep 2008, 11:03 AM EDT Msg. 769198 of 769341 Jump to msg. # Hmmmm...Cubicle Crew members keep fallin' by the wayside..Guess they must have more pressing issues to deal with....Bwhahhaahhahahah go cmkx em dennis
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Post by soonerlew on Sept 29, 2008 19:01:07 GMT -5
By: rosencrantz2010 29 Sep 2008, 12:49 PM EDT Msg. 769216 of 769343 (This msg. is a reply to 769213 by phatboy1988.) Jump to msg. # phatboy, where is that summary judgement? since they've decided to go the civil route first it looks like it will take well into next decade before any criminal charges will be pursued.
i wonder why it is taking the government so long to move on this stufff, especially since they have been investigating the whole cmkx affair since 2004! wow,,, this thing is taking longer than ENRON and WORLDCOM and some of those REALLY BIG cases of fraud.
what is the deal?
anyone talk with leslie lately? what is she saying?
remember when STARBUCKS had to close down a number of underperforming stores a few months back? well, maybe one of the starbucks that got closed was the one in the building where leslie works and since leslie can't get any caffeine she falls asleep in the afternoon and that explains why all the urban and cmkx court cases are moving so slowly?
By: rosencrantz2010 29 Sep 2008, 12:54 PM EDT Msg. 769217 of 769343 (This msg. is a reply to 769216 by rosencrantz2010.) Jump to msg. # maybe urban is friends with the starbucks guy and convinced him to cutoff leslie's caffeine source?
this may not be the explanation for why this cmkx court stuff is taking forever, but at least it's one idea. for the life of me i can't figure out why it's taking the judge this long to issue the summary judgement.
i know they have to follow the proper legal protocol but still, you'd think they judge could just write the thing up and push it out the door.
or, you would think TYLER would be jumping up and down screaming and yelling and demanding a summary judgement. heck, it's going to go in their favor so why shouldn't they call or the judgement right away? that much money sitting somewhere other than a bank in TYLER is money lost to TYLER.
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Post by soonerlew on Sept 29, 2008 19:03:58 GMT -5
By: newtopennies 29 Sep 2008, 01:10 PM EDT Msg. 769231 of 769344 Jump to msg. # REP.BACHMANN just said on Fox news, that she is voting 'no' on the 'bailout plan'. She said other things are needed and need to be addressed, one thing she said is, "the S.E.C needs to stop NAKED SHORTING!" I didn't make it up.....eom.
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Post by soonerlew on Sept 29, 2008 19:04:28 GMT -5
By: newtopennies 29 Sep 2008, 01:11 PM EDT Msg. 769234 of 769344 Jump to msg. # WHAT IF TYLER is all we have? eom.
By: leowanta 29 Sep 2008, 01:13 PM EDT Msg. 769238 of 769344 (This msg. is a reply to 769234 by newtopennies.) Jump to msg. # newtopennies...TYLER is not cmkx shareholders....THE SEC IS ALL WE HAVE....TYLER has no jurisdiction over CMKXERS....
why don't you call leslie hakala and let her tell you that truth?
leowanta
By: stockfred 29 Sep 2008, 01:16 PM EDT Msg. 769244 of 769344 (This msg. is a reply to 769238 by leowanta.) Jump to msg. # leo...Right. They've stated they are now concentrating on the 'Unshareholders', and that ain't us Cert holders.
What's their agenda? I don't know, but I hope we find out soon.
By: rosencrantz2010 29 Sep 2008, 01:17 PM EDT Msg. 769246 of 769344 (This msg. is a reply to 769244 by stockfred.) Jump to msg. # stockfred, i'm with you there. yes, what is TYLER up to? they are not playing their hand the way i would think they would. more weirdness.
By: leowanta 29 Sep 2008, 01:20 PM EDT Msg. 769249 of 769345 (This msg. is a reply to 769244 by stockfred.) Jump to msg. # stockfred...the electronic shareholders are not a group tied to Tyler....each electronic holder has their own personal battle with the broker/mm/dealer who sold them their bogus cmkx share...if in fact the brokerage has not already cancelled those shares, under their terms of agreement the brokerage has every right to simply cancel the shares the day the security was revoked by the SEC...
Maheu gave all cmkx shareholders a resolution to get paid...it was the certificate pull....if they did not follow directions, the government does not have an obligation to pay them....Maheu was following directions from the SEC....
tyler using hodges is looking for clients...in no way do electronic holders have to use tyler's attorneys........ they are truly on their own.
leowanta
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Post by soonerlew on Sept 29, 2008 19:07:51 GMT -5
By: newtopennies 29 Sep 2008, 01:17 PM EDT Msg. 769247 of 769345 Jump to msg. # BUD SAID we should have formed a stronger shareholder's group to help the company. Maybe we would have been more valuable as a solid group, rather than a separated bunch of opinionated individuals. I don't know if that is true, since it is just his opinion. Back to Sponge Bob! eom.
By: leowanta 29 Sep 2008, 01:21 PM EDT Msg. 769250 of 769345 (This msg. is a reply to 769247 by newtopennies.) Jump to msg. # Bud Burrell works for shorty newtopennies....why are you promoting him?
leowanta
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Post by soonerlew on Sept 29, 2008 19:10:24 GMT -5
By: trixijude 29 Sep 2008, 01:22 PM EDT Msg. 769252 of 769345 Jump to msg. # I vote we get paid PDQ, & screw this forking political BS. Both parties suck.
Trixi
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Post by soonerlew on Sept 29, 2008 19:11:33 GMT -5
By: rosencrantz2010 29 Sep 2008, 01:22 PM EDT Msg. 769253 of 769345 Jump to msg. # mquietstorm3,
any of that 1.5t heading to cmkx?
if not, then i hope TYLER hurries and gets us back in the game otherwise there aren't going to be any players left that will be forced to cover the naked short. you don;t have to cover the naked short if you're not in business anymore,,, and the way things are going just about every broker out there is going to be gone in another six months.
By: rosencrantz2010 29 Sep 2008, 01:25 PM EDT Msg. 769256 of 769345 (This msg. is a reply to 769253 by rosencrantz2010.) Jump to msg. # no need to worry about covering a naked short if you're out of business.
too many wall streeters are closing up shop.
i hope cmkx trades again,,, and soooon!
hurry, TYLER, hurry!
By: leowanta 29 Sep 2008, 01:28 PM EDT Msg. 769258 of 769345 (This msg. is a reply to 769256 by rosencrantz2010.) Jump to msg. # that's just not true...cmkx will never trade again...we are an exception to the rules rose.....we've already been paid....they just need to distribute it....
the sec revoked us and forced our cover ....you just don't know it yet.
leowanta
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Post by soonerlew on Sept 29, 2008 19:13:56 GMT -5
By: goodolboy27 29 Sep 2008, 01:47 PM EDT Msg. 769268 of 769345 Jump to msg. # The bail out isn't going to pass.
By: goodolboy27 29 Sep 2008, 01:49 PM EDT Msg. 769271 of 769345 Jump to msg. # 205 YEA 228 NAY 1 NV
By: goodolboy27 29 Sep 2008, 02:04 PM EDT Msg. 769287 of 769345 Jump to msg. # The vote is being held open for a bit longer, but it doesn't look like it will help.
By: leowanta 29 Sep 2008, 02:26 PM EDT Msg. 769295 of 769345 (This msg. is a reply to 769291 by leowanta.) Jump to msg. # Bailout bill fails; Dow plunges
The House of Representatives today rejected a $700 billion plan to bail out the U.S. financial system, putting a roadblock in front of the largest government intervention in the markets since the Great Depression. The next steps were not clear, but supporters were scrambling to salvage the package. The Dow was down more than 600 points after the voting ended. developing story CNNMoney: Stocks tumble
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Post by soonerlew on Sept 29, 2008 19:21:52 GMT -5
By: jlecks 29 Sep 2008, 06:47 PM EDT Msg. 769336 of 769345 Jump to msg. # WGFY from beautiful Tyler, Texas apologizes...
Tonight's movie, "Mr. Faulk Goes to Washington," which replaced the previously scheduled classic, "Mr. Smith Goes to Washington," has been further replaced by:
"Faulk and West's Excellent Adventure!!!"
Movie Synopsis:
Two "dudes" set out for Washington, DC, in their "excellent" VW van, to battle corruption in the stock market. Because they can't figure out how to unfold their map, they wind up, out of luck and out of gas, outside an avant-garde cafe in Greenwich Village, NY where they engage in pseudo-intellectual discussions with the local "bohemians" about Cuban music, Internet radio, the best wool for togas, Buddy Holly, and imported coffee.
Spoiler Alert: In the end they accomplish nothing for the shareholders.
Warning: This film is not recommended for those with an IQ over 70.
Parental Guidance is suggested.
Thanks for watching WGFY from Tyler!
(Parody. Not to be taken seriously. If you want to put your faith in these characters, have yourself a ball. And, hey, guys, if you want some respect, why not be honest with the shareholders (for once) and show/tell us what you are doing for OUR benefit; tell us who is funding this mess, tell us how big the bill is (so far), tell us the truth about the naked-short shares, tell us who will benefit from your involvement; just tell us the TRUTH! Really, is that too much to ask for after four+ years of this circle jerk? IMO.)
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Post by soonerlew on Sept 29, 2008 19:22:53 GMT -5
By: rosencrantz2010 29 Sep 2008, 06:24 PM EDT Msg. 769331 of 769345 Jump to msg. # where is that summary judgement? By: aladin99 29 Sep 2008, 06:57 PM EDT Msg. 769339 of 769345 (This msg. is a reply to 769331 by rosencrantz2010.) Jump to msg. # Rose...SEC needs to show UC's part....first... How many billions more than JE that UC dumped? Common SEC....
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Post by soonerlew on Sept 29, 2008 19:26:28 GMT -5
By: aladin99 29 Sep 2008, 07:16 PM EDT Msg. 769340 of 769345 Jump to msg. # The FED should at least force all the NSS to pay back the amount of $$$ where they naked shorted + give them a few years in jail before voting on the bailout package...what a system!
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