Most everybody agrees the current version of the article on naked short selling is deeply flawed, but by virtue of its being on probation, any substantive changes will likely result in a block.

So, Patrick Byrne has begun work on an alternate version of the article in his user space. You can find it here. I know he'd appreciate the input of as many of you as are able to help create something the community will support as a replacement for the current version.

It looks good thus far, although I would anticipate some complaints about lack of source citations in the present version, plus some raised eyebrows at the self-citing. Who does Patrick think he is, Chip Berlet?

So someone other than Patrick can move it into mainspace so they're not self-citing.

The link to the Guardian in the last section links to some other website- it should link here

New York Times.

Today.

A bunch of people are being indicted for stock fraud for something that Patrick Byrne has been saying all along has been going on that facilitates naked short selling.

Crooks have been counterfeiting non-existent shares to "lend" to other crooks to short stock without borrowing it first (which is what naked short selling is).

Since no real shares are ever used to account for the short sale, it fraudulently creates more fake shares, and therefore allows rampant naked short selling, and floods the market on the sell side during orchestrated bear raids on stocks.

http://www.nytimes.com/2008/05/23/business/23indict.html

Stock Loans Investigation Draws in 5 on Charges

intro:

By REUTERS
Published: May 23, 2008

WASHINGTON (Reuters) — Five additional people, including former employees of Morgan Stanley and Janney Montgomery Scott, were indicted Thursday as part of a large federal investigation into the stock-loan industry.

The latest indictments on securities fraud and other charges arise out of a continuing inquiry into bribery and kickbacks in the industry, where people called “stock loan finders” seek stock to cover short sales of shares.....

I thought this was the more interesting line in the article, which, if I understand that these schemes do include naked short selling, rather blows Gary Weiss's "nothing illegal here" line out of the water:

what gary, with one of his sockpuppets supporting the other one to keep this out of the article, would do is claim that this article only supports that kickbacks were occurring during legitimate stock finding/loaning/locating, and that this has nothing to do with NSS.

Bullshit.

Note the part about how "services were not rendered" in this scheme in the article.

That means no shares were ever "located" (actually found to back up the short sale and make it legit).

What blows Gary's bologna out of the water is the chairman of the SEC himself, on several occasions, most recently in the Bear Raid of Bear Stearns, citining that "NSS is a siginificant problem", yadda yadda.

It still pisses me off that Gary Weiss railroaded me off WP using several sock puppets to pump his book, meatpuppet for the DTCC, and twist lies about this issue using himself and his cronies as "sources", and selectively use SEC quotes that suit him, but not others that don't.

And he is still allowed to edit WP as Mantanmoreland (and what other socks, who knows).