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Are Some Short Sellers in Trouble?

Traders Magazine, December 2003

Gregory Bresiger

Naked short selling, an option for which a buyer or seller has no underlying security position, is a form of "economic terrorism," says a company executive who is lobbying Congress to reform the practice. Richard Altomare, chief executive of Universe Express, says the practice is tantamount to counterfeiting stock. Altomare, who says the securities reforms of the 1930s have not been vigorously enforced in short selling, is part of a group lobbying Capitol Hill for reforms.

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