IDA Rampart target Kasman abruptly fires defence lawyer Kasman, who won a brief adjournment at the scheduled start of the IDA hearing on Tuesday, is expected to return Wednesday to identify his new lawyer, replacing Helen Daley, and the hearing itself is expected to be rescheduled to next Monday at the earliest. In one of its harshest prosecutions ever, the IDA launched its case against Rampart and its executives on Aug. The IDA, the self regulatory organization, booster and lobbyist for the brokerage industry, had quietly expressed concerns about Rampart Securities for more than four years, but its prosecution was launched just three days after Alec Popovic, a respected former RCMP commercial crime senior officer, began work in his new job as the IDA's vice-president of enforcement.
Naked short selling
Ban on Naked Short-Selling in the U.S. | McMillan LLP
Short finance Short selling is a form of speculation that allows a trader to take a " negative position " in a stock of a company. Such a trader first " borrows " shares of that stock from their owner the lender , typically via a bank or a prime broker under the condition that he will return it on demand. Next, the trader sells the borrowed shares and delivers them to the buyer who becomes their new owner. The buyer is typically unaware that the shares have been sold short:
SEC Halts Short Selling of Financial Stocks to Protect Investors and Markets
To profit from a decrease in the price of a security, a short seller can borrow the security and sell it expecting that it will be cheaper to repurchase in the future. When the seller decides that the time is right or when the lender recalls the securities , the seller buys equivalent securities and returns them to the lender. The process relies on the fact that the securities or the other assets being sold short are fungible ; the term "borrowing" is therefore used in the sense of borrowing cash, where different bank notes or coins can be returned to the lender as opposed to borrowing a car, where the same car must be returned.
Made in the USA: Over the past eight years, corporate tax loopholes have rewarded companies for exporting jobs while a total suspension of regulations and oversight facilitated an orgy of fiscal irresponsibility. McClellan presents a solid case for encouraging the purchase of products made in the USA, as a solution to restoring our nation's economic health. Researched and compiled over a five year period, McClellan accurately predicted all of the major economic events of the past two years, including the mortage meltdown, the stock market collapse and the government's need for emergency measures. Economic recovery for the USA can be quickly achieved, McClellan states, if preference is given to made in the USA products by a majority of Americans for their everyday consumer purchases.