Posted by: 69charger Date: Friday, September 19, 2008 7:19:45 PM
In reply to: None Post # of 260235
Uptick Rule Bill........
www.govtrack.us/congress/bill.xpd?bill=h110-6517Sponsor: Rep. Gary Ackerman [D-NY]show cosponsors (3)
Cosponsors [as of 2008-08-31]
Rep. Michael Capuano [D-MA]
Rep. Carolyn Maloney [D-NY]
Rep. Carolyn McCarthy [D-NY]
Status: Introduced Jul 16, 2008
Scheduled for Debate -
Voted on in House -
Voted on in Senate -
Signed by President -
This bill is in the first step in the legislative process. Introduced bills go first to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills never make it out of committee. Keep in mind that sometimes the text of one bill is incorporated into another bill, and in those cases the original bill, as it would appear here, would seem to be abandoned.
[Last Updated: Aug 30, 2008]
Last Action: Jul 16, 2008: Referred to the House Committee on Financial Services.
**** with all the talk of Uptick now,,,gotta give credit where credit is due to these 4 people and why not write/email to support their bill??
Gltua,
Chris
Posted by: 69charger Date: Friday, September 19, 2008 8:23:03 PM
In reply to: 69charger who wrote msg# 260221 Post # of 260235
Author: mhelburn send pm · add member to favs · ignore · recommend
view thread, thread start In response to msg 24548 by my69z
Recs: 0 Re: Uptick Rule Bill........ sent to my rep..
Chris Cox is not up to the job. He could have stopped this mayhem had he enforced the existing laws. He appears to be against investor protection with the delays in removing the options market maker exemption, requiring delivery and the borrowing of shares for short selling. His unannouced banning of all short sales on 800 financial stocks was unfair to shorts and discriminatory to the rest of the market depriving those stocks of the same protection.
Cox's concensus building style is not appropriate for this position. He has fiddled while the market burned. People consider Cox a loose canon and incapable of making intelligent decisions as proven the last several weeks.
Gary Ackerman of NY is sending up a bill to reinstate the uptick rule so that bear raids can't take stocks down 40 and 50% in a day. The relentless selling overwhelms the bid and the increased volatility is harmful to the markets.
Please contact Ackerman and support his bill.
Posted by: 69charger Date: Friday, September 19, 2008 8:23:48 PM
In reply to: 69charger who wrote msg# 260230 Post # of 260235
SEC Expands Sweeping Investigation of Market Manipulation
Author: nopullnoshow send pm · add member to favs · ignore
Measure Will Require Statements Under Oath by Market Participants
FOR IMMEDIATE RELEASE
2008-214
Washington, D.C., Sept. 19, 2008 — The Securities and Exchange Commission today announced a sweeping expansion of its ongoing investigation into possible market manipulation in the securities of certain financial institutions. The expanded investigation will include obtaining statements under oath from market participants.
Hedge fund managers, broker-dealers, and institutional investors with significant trading activity in financial issuers or positions in credit default swaps will be required, under oath, to disclose those positions to the Commission and provide certain other information.
The Commission also approved a formal order of investigation that will allow SEC enforcement staff to obtain additional documents and testimony by subpoena. Investigators from NYSE Regulation and FINRA will be conducting a separate, parallel inquiry in coordination with the SEC by making on-site visits to various broker-dealers to address concerns about recent short selling activity.
"Investors have a right to know that the rule of law is being enforced and that our capital markets are not being manipulated," said SEC Chairman Christopher Cox. "We are working together with our regulatory partners at NYSE Regulation and FINRA in order to quickly identify, isolate and aggressively prosecute any violations of the federal securities laws during this period of market turmoil."
Linda Chatman Thomsen, Director of the SEC's Division of Enforcement, added, "Abusive short selling, market manipulation and false rumor mongering for profit by any entity cuts to the heart of investor confidence in our markets. Such behavior will not be tolerated. We will root it out, expose it, and subject the guilty parties to the full force of the law."
The Commission's actions follow recent reports of trading irregularities and allegations of false rumor mongering, abusive short selling and possible manipulation of financial stocks.
# # #
For more information, contact:
Scott Friestad
Deputy Director, SEC's Division of Enforcement
202-551-4962
John Polise
Assistant Director, SEC's Division of Enforcement
202-551-4981
www.sec.gov/news/press/2008/2008-214.htm