Jul 22
Less than a week after Securities and Exchange Commission Chairman
Christopher Cox invoked the Commission’s emergency powers to regulate
short selling of certain stocks including Freddie Mac
and Fannie Mae, complaints were surfacing from financial institutions.
The complaints were not because those financial institutions were on the
list of troubled banks in need of shoring up, but because they were
not.
The American Bankers Association which represents the interest of
8,500 banks said, in a letter to the SEC, that it fears that
short sellers will now concentrate their efforts on banks that
are not covered by the emergency order and asked that…