Doug Kass Said Fraud Part of New SEC Short Selling Rules is a "Game Changer"
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Over at RealMoney.com, Doug Kass is saying the third piece of the new SEC short selling rules is the most important and is a "game changer":
It reads:
"The Commission adopted Rule 10b-21, which expressly targets fraudulent short selling transactions. The new rule covers short sellers who deceive broker-dealers or any other market participants. Specifically, the new rule makes clear that those who lie about their intention or ability to deliver securities in time for settlement are violating the law when they fail to deliver. This new rule is effective immediately."
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