SEC Announces Emergency Action to Reduce Short Selling

Posted by Louis Navellier on 7/15/08 10:31 am

This is absolutely HUGE news, especially if the SEC restricts shorting on a wide variety of stocks...

The Wall Street Journal

The Securities and Exchange Commission announced an emergency action aimed at reducing short-selling in Fannie Mae and Freddie Mac stock, and will immediately begin considering new rules to extend those trading limits to the rest of the market.

SEC Chairman Christopher Cox said at a Senate Banking Committee hearing that the SEC would institute an emergency order requiring any traders to pre-borrow stock before shorting Fannie Mae and Freddie Mac, the embattled government-sponsored entities that own more than half the nation's mortgages. Read More.

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• Comments (1)

Posted by aWriter on 7/23/08 8:31 pm

I just feel so protected by these govt moves. Sort of like a straitjacket.

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