Welcome to the NCANSThe National Coalition Against Naked ShortingA bi-partisan advocacy group. Click here to join. For the latest headlines and developments, go to the NEWS page. For a Primer on Naked Short Selling/Failing to Deliver, Click Here . For a summary of the issues surrounding the practice, written by Dr. Patrick Byrne, Click Here. NCANS is a grassroots advocacy group composed of small investors who are tired of the predatory hedge funds on Wall Street violating the rules against naked shorting - the "Failing To Deliver" of the shares they sold to unsuspecting investors, who believe that the electronic tick that is represented in their brokerage statement represents a real share, rather than an electronic counterfeit with none of the attendant rights or protections of a real share. We want the regulators to enforce the rules in an impartial manner, not selectively and for the benefit of those who abuse the system. The charter of NCANS is simple:The systematic violation of the rules against Failing To Deliver poses an imminent threat to the credibility of the US financial system. Our regulators are uninterested in enforcing the rules that have been on the books since the creation of the SEC in 1933 by Congress. The existence of a Reg SHO Threshold list is a "list of shame" —a sad testament to our regulators’ lack of interest in enforcing the rules against Failing To Deliver. If they did, there wouldn't be a list. Pretty cut and dried. The grandfathering of all Fail To Delivers prior to January 7, 2005 represents an effective "vacation from the rule of law", and amounts to a pardon for the criminals that have manipulated the system. This is akin to allowing bank robbers to keep the proceeds of their robberies prior to the beginning of the year, and is an affront to those who expect our system to protect us and enforce the rules designed to do so. The Administration's drive to privatize Social Security is untenable given the egregious violation of the public trust that our regulators' failure to enforce the rules represents. Our demands are straightforward and reasonable: 1) Make the SEC enforce the rules that were written and designed to protect investors from Failing To Deliver the stock they bought. No exceptions, no back-room sweetheart deals, no looking the other way while America is fleeced. 2) Make the DTCC disclose the number of shares in violation - "Fail to Delivers" - for each company on the list, on a daily basis. 3) Force the Transfer Agents to make outstanding share figures available in daily real time for any company not exempt from registration and reporting. 4) Eliminate the grandfathering "vacation from the rule of law" on an illegal abuse that has been ongoing. Enforce the buy-in provisions on ALL Fail To Deliver positions, not just the latest violations. Don’t reward criminal behavior. Punish it. 5) Demand accountability for how this violation of the public trust occurred, and fix it, rather than covering it up. From Bob O'Brien's 11/24/05 open letter to the state regulators of NASAA - 7 proposed steps the states could take to curb naked short selling, while avoiding conflict with the SEC's laughably ineffective Reg SHO (the states have jurisdiction over the brokers if they are doing business in their state and have a presence there, as well as over the DTCC by the same nexus rules):
Special thanks to Tommytoyz for much of this list. Click here for the NYSE Reg SHO Threshold list, updated daily. Click here for the NASDAQ Reg SHO Threshold list, updated daily. See the latest news on naked shorting and related issues. Click here to see an issue of Alan Newman's Crosscurrents - wherein he describes the heart of the Failing To Deliver issue. Thank you Mr. Newman for allowing us to publish it. Click here to find resources describing the Failing To Deliver problem. Click here to see a report that describes the DTCC's structure. Click here to go to a site that has editorial content about hedge fund abuse of the naked short selling rules as well as the anatomy of how a stock manipulation works—click here to hear a conference call wherein an authority on the topic describes how the game works. Click here for an alleged breakdown of one hedge fund's holdings on the SHO list, as well as a description of the problems in the system - this link was sent to us by an unkown source - we have no way of knowing if it is accurate or not. But it certainly lays out a compelling case. Note that we have no way of verifying the content of any third party links—these are for informational purposes only. If anyone can offer definitive proof that any of this info is incorrect, we will remove offending links. For more information on Failing To Deliver and its impact on the financial system, go to the Links page. Click here for more information on making a donation or corporate sponsorship of NCANS. Contact NCANS - NCANS.mgr@gmail.com Executive Director M. Helburn - mary.helburn@gmail.com ______________________________________________________________________
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