Wednesday, August 13, 2008

Short Sale Rule expires=Open Season for raids

SEC Chairman Christopher Cox characterized the order as a precaution against rumor-driven market turmoil, and the SEC had the rule take effect July 21. The order, which expired at 11:59 p.m. EDT Tuesday, required short sellers to borrow or arrange to borrow shares in advance of short sales in the 19 targeted stocks.

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