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Congressmen Push to Restore Rule Limiting Bearish Bets
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Efforts in Congress to get the SEC to restore the Uptick Rule that prevented shortselling of stocks unless the price of a stock in its most recent trade was higher than the previous price. In a short sale investors borrow shares and sell them, hoping for the price to fall. Schumer, Barney Frank support the effort.
The Uptick Rule and Short selling abuses in the U.S.
07/28/2008
The suspension of the Uptick Rule and the S.E.C.'s dire lack of enforcement all seem to suggest that the regulatory mission of the S.E.C. has been influenced by those who are being regulated. Conservatives running the government and regulatory agencies mistakenly assumed that lower regulation was somehow part of the new system of free enterprise that was delivering results. As long as the economy did well they saw no reason to question this, and in fact let regulation wither to the extreme provoking the crisis by letting excesses develop and accumulate. The abuses of excessive leverage under a Fuld at Lehman and of mortage sales under a Mozilo at Countrywide were barely understood by Cox and company at the SEC till they undermined the very foundations of free enterprise.
Grouped Articles
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
Agency Subpoenas Focus on 4 Rumors That Hit Lehman
Wall Street Journal 07/28/2008
Wall Street Journal 08/21/2008
NYSE Chief Leans Toward Uptick Rule
Wall Street Journal 10/02/2008
U.K. Will Continue Ban on Short Selling
Wall Street Journal 10/23/2008
Citigroup Tries to Stop the Drop in Its Share Price
New York Times 11/21/2008
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