Charles Ellis Schumer ((/ˈʃuːmər/ SHOO-mər; born November 23, 1950) is an American politician serving as Senate Majority Leader since January 20, 2021.
A member of the Democratic Party, Schumer is the senior United States senator from New York, a seat he has held since 1999. He is the current dean of New York’s congressional delegation. Continue reading “Senator: Chuck Schumer”
New SEC Rules Target ‘Naked’ Short-Selling
Associated Press, 18 September 2008
Federal regulators yesterday took measures aimed at reining in aggressive forms of short-selling that were blamed in part for the demise of Lehman Brothers and that some feared could be used against other vulnerable companies in a turbulent market.
The Securities and Exchange Commission adopted rules it said would provide permanent protections against abusive “naked” short-selling. Unlike the SEC’s temporary emergency ban this summer covering naked short-selling in the stocks of mortgage finance giants Fannie Mae and Freddie Mac and 17 large investment banks, the new rules apply to trading in the broader market.
Read full article.
Lawsuits Accuse “Prime Brokers” of Securities Fraud
San Gabriel Valley Tribune cited by RGM Communications via Wayback, 19 July 2006
Two class-action lawsuits filed in Manhattan federal court in April allege fraud by the world’s largest “prime brokers” in securities lending practices.
Goldman Sachs, Bear Stearns, Lehman Brothers, Morgan Stanley, Merrill Lynch, Citigroup, Banc of America Securities, Credit Suisse, Deutsche Bank Securities, UBS Financial and Bank of New York allegedly charge high fees to lend securities for short selling, but fail to deliver the securities sold short by hedge funds.
Access archived page.
Forbes, 28 June 2006
So who should be overseeing the $1.2 trillion hedge fund industry? Apparently no one is now. But the U.S. Senate Judiciary Committee has two ideas.
Either the nation needs new legislation to tackle allegations of widespread trading abuses by the hedge funds, or law enforcement officials should simply be encouraged to do the right thing with laws they already have at their disposal?
Read full article.