Post by ginger on Jun 15, 2006 3:02:56 GMT -4
StockGate: U.S. Senate Will Take Up Naked Shorting, ‘Tainted Research’ Scandal.
June 15, 2006 (FinancialWire) The United States Senate Judiciary Committee has scheduled a hearing to examine “Short Selling Activities of Hedge Funds and Independent Analysts” Tuesday, June 20, in Washington, DC.
The hearing, at judiciary.senate.gov/hearing.cfm?id=1953 , will presumably take up the scandals involving SAC Capital, Rocker Partners, Biovail (NYSE: BVF), Overstock.com (NASDAQ: OSTK), Gradient Analytics, Bank of America Securities (NYSE: BAC) and assorted journalists and financial commentators, including James Cramer, founder of TheStreet.com (NASDAQ: TSCM), who infamously wrote “bull” on a U.S. Securities and Exchange Commission subpoena and threw it to the floor on his “Mad Money” television show on CNBC.
The witness list has not yet been posted.
Many of those hoping to expose illegal naked short selling for its detrimental impact on small, developing public companies, have sought a Senate hearing for more than a year, but had been stymied by U.S. Senator Richard Shelby (R-ALA), chair of the Banking, Housing and Urban Affairs Committee.
Whether intentional or not, the Judiciary hearing is an end-around Shelby, and while Judiciary provides no oversight to the U.S. Securities and Exchange Commission, it does provide oversight to the Department of Justice.
U.S. Senator Robert Bennett (R-Utah), who has raised the question of naked shorting on numerous occasions, is a ranking member of the Banking Committee. His colleague, Senator Orrin Hatch (R-Utah), is a ranking member of Judiciary.
Senator Arlen Specter (R-Pennsylvania) is the committee’s chair. Other members include Republicans Charles E. Grassley, Iowa; John Kyl, Arizona; Mike DeWime, Ohio; Jeff Sessions, Alabama; Lindsey Graham, South Carolina; John Cornyn, Texas; Sam Brownback, Kansas; and Tom Coburn, Oklahoma.
Senator Patrick Leahy, Vermont, is the ranking Democrat. Other Democrats on the committee include Edward M. Kennedy, Massachusetts; Joseph Biden, Delaware; Herbert Kohl, Wisconsin; Dianne Feinstein, California; Russell Feingold, Wisconsin; Charles Schumer, New York; and Richard Durbin, Illinois.
Senator Schumer has facilitated two new SEC Commissioners who have been antagonistic towards opponents of naked shorting.
For up-to-the-minute news, features and links click on www.FinancialWire.net
FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on www.investrend.com/contact.asp
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June 15, 2006 (FinancialWire) The United States Senate Judiciary Committee has scheduled a hearing to examine “Short Selling Activities of Hedge Funds and Independent Analysts” Tuesday, June 20, in Washington, DC.
The hearing, at judiciary.senate.gov/hearing.cfm?id=1953 , will presumably take up the scandals involving SAC Capital, Rocker Partners, Biovail (NYSE: BVF), Overstock.com (NASDAQ: OSTK), Gradient Analytics, Bank of America Securities (NYSE: BAC) and assorted journalists and financial commentators, including James Cramer, founder of TheStreet.com (NASDAQ: TSCM), who infamously wrote “bull” on a U.S. Securities and Exchange Commission subpoena and threw it to the floor on his “Mad Money” television show on CNBC.
The witness list has not yet been posted.
Many of those hoping to expose illegal naked short selling for its detrimental impact on small, developing public companies, have sought a Senate hearing for more than a year, but had been stymied by U.S. Senator Richard Shelby (R-ALA), chair of the Banking, Housing and Urban Affairs Committee.
Whether intentional or not, the Judiciary hearing is an end-around Shelby, and while Judiciary provides no oversight to the U.S. Securities and Exchange Commission, it does provide oversight to the Department of Justice.
U.S. Senator Robert Bennett (R-Utah), who has raised the question of naked shorting on numerous occasions, is a ranking member of the Banking Committee. His colleague, Senator Orrin Hatch (R-Utah), is a ranking member of Judiciary.
Senator Arlen Specter (R-Pennsylvania) is the committee’s chair. Other members include Republicans Charles E. Grassley, Iowa; John Kyl, Arizona; Mike DeWime, Ohio; Jeff Sessions, Alabama; Lindsey Graham, South Carolina; John Cornyn, Texas; Sam Brownback, Kansas; and Tom Coburn, Oklahoma.
Senator Patrick Leahy, Vermont, is the ranking Democrat. Other Democrats on the committee include Edward M. Kennedy, Massachusetts; Joseph Biden, Delaware; Herbert Kohl, Wisconsin; Dianne Feinstein, California; Russell Feingold, Wisconsin; Charles Schumer, New York; and Richard Durbin, Illinois.
Senator Schumer has facilitated two new SEC Commissioners who have been antagonistic towards opponents of naked shorting.
For up-to-the-minute news, features and links click on www.FinancialWire.net
FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on www.investrend.com/contact.asp
For a free annual report on a company mentioned in the news, please click on investrend.ar.wilink.com/?level=279
The NewsFeed is now available in multiple formats to your site or desktop, free. Click on: www.investrend.com/XmlFeeds?level=268