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These Are The 19 Stocks The SEC Says You Cannot Short…This Is A Sad, Sad Day

Posted by timothysykes on Thu 17th of Jul, 2008 08:12:08 AM
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Wow, if the f$#!% SEC wasn’t staffed by illiterate halflings, they’d see lots of countries have tried to stop Short Selling and it didn’t matter, their stocks still tanked cuz the companies sucked so bad. No different this time around…

From a great post by Mish, who notes China is the latest country to have tried this market-manipulating tactic and their shitty index fell another 50%, here are the restricted nineteen, I promise you with problems unforeseen:

BNP Paribas Securities Corp
Bank of America Corp
Barclays PLC (ADR) (BCS)
Citigroup Inc
Credit Suisse Group AG (ADR) (CS)
Daiwa Securities Group Inc
Deutsche Bank Group AG
Allianz SE
Goldman Sachs Group, Inc. (GS)
Royal Bank ADS
HSBC Holdings Plc ADS
JPMorgan Chase & Co
Lehman Brothers Holdings Inc
Merrill Lynch & Co Inc
Mizuho Financial Group Inc
Morgan Stanley
UBS AG
Freddie Mac
Fannie Mae

Listen, I’ve directed plenty of angry posts at the SEC before–everything from disallowing hedge fund managers freedom of speech, prohibiting small traders from making more than 3 trades/week, industry peeps not being able to write book reviews, soooo many more absurdities it boggles the mind–but this latest monstrosity really takes their failure to a new level.

As Mish also notes, forget that Congress told Paulson to STFU with his cockamamie bailout plan for FRE and FNM, and as Minyanville proves with facts and charts, the SEC is too financially illiterate to understand that Short Selling interest in the financial sector is below average!

THIS LATEST EVENT PROVES ONCE AND FOR ALL THE SEC TRULY DOES NOT UNDERSTAND THE STOCK MARKET. WHY THE F$%& ARE THEY GIVEN THE POWER TO REGULATE IT?

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  • Matt
    So much for the "free market" crap these guys spout. Bush appointments are made by auction - be a "Bush Pioneer", raise us lots of money, and you get an appointment just like "heck of a job" Brownie. No heed to your level of incompetence or qualifications for the job.
  • shedivy
    it's the rich getting richer......the SEC is owned by those 10 firms

    the wall street mafia is alive and getting more powerful, until congress takes over!!!!!!!!!!
  • pomalley
    Damn, i was going to short J.P. Morgan and UBS today because of the recent news. And i would have made a killing.
  • younggunz
    Geez, this is just pathetic. Just by putting these companies on a do not short list the SEC basically is saying these stocks are shit and overvalued. Its like taking all the "special" kids in school and stamping "Retard" on their foreheads. Yeah the smart people already know they're "special" now you've just told everyone and their mother that they're not normal.

    I'm thinking Tali-Ban-SEC is more fitting being run by Christopher Bin Ladin Cox.
  • getshorty
    Is that a doji (tuesday) followe by a huuuuge dead man hanging on IDAE. Gotta reserve some shares of this next biggest looser.
  • PCola
    Tim, relax, you can still short them, you just can't "naked short" them, which you never were *supposed* to be allowed to do in the first place. Maybe I'm misunderstanding, but I think they basically said they will be enforcing a rule that was already in place. MMs can naked short to create a market, but traders weren't supposed to be able to. This isn't as big of a deal as you are making it out to be, I think.
  • getshorty
    none available.... guess i am not the fastest technician on earth.....not even close....
  • getshorty
    Anybody knows whats with the GIGM spike today? just reserved a few shares
  • Dan Olofsson
    Unbelievable. Now I feel like I typically do at a crap table--yes, I bet the Don't side. I feel like saying, "Yes, I am going with the higher odds of winning, why are you giving me dirty looks just cause you are looking for blue sky?"
  • getshorty
    I uess I should google before posting a question.... it got a deal to disribute NBA street online in china, guess its a big thing. Just realized on its finance.google page it has some real earnings and a not that crazy p/e ratio of $17. Tim, any light on why this real company is behaving like a microcrap?

    Naive Shorty
  • GAVIN
    My understanding is that the SEC can only monitor unfilled orders. SO if your naked short gets filled doesn't that fly under the radar?

    And can someone explain to me why wells fargo is doing better than the other financials in this mess?
  • dude75
    Wells Fargo holds their own mortgages. They never got into selling on secondary market.
  • PCola
    Gavin, that doesn't sound reasonable. This of it this way, if I naked short to you (meaning you buy from me), then after a couple of days you would say "Um, dude, where's my shares?". That would create a fail-to-deliver, and those are reported to the SEC, as far as I know. You wouldn't just be like "Oh, you don't have shares to give me because you naked shorted it? No prob, thanks for letting me know."
  • ALTH on the brink of a two year breakout... previous $8.54 high from Feb '07 is the resistance right now it seems...
  • Tim, do you have any good articles written about "naked shortselling" for us to read? This seems like a good time for something like that.

    sec rule: 3 trades/stock/week

    does the "sec" acronym really even deserve to be capitalized?

    Hmmm?
  • GAVIN
    dude: Thanks

    PCola: Oh ok, yeh I don't understand naked shorts so well. I've only ever bought to be honest. I'm hanging around here to learn more about the short game.
  • Tim, you can short these stocks if your broker has shares available. You've even acknowledged that you were aware that this rule only affects NSS. Did you forget? Why the freak out? I checked JPM and there are shares available to short.
  • simon, i'm not concerned with shorting them, i dont even trade these things, my problem is the SEC going after the wrong people, helping sway public opinion to blame short sellers. classic scapegoating
  • it's not the shorting that's ruining these companies, it's management and bad decision making. These guys all rode the housing boom to its bust and are paying the price.
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Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)