Absolutely Shocking
That John Tobacco, business partner of former SEC chairman Harvey Pitt in newly formed RegSHO.com,* would go on CNBC just now and defend the extended ban, trotting out words like 'evil short sellers' 'collusion' 'put Bear Stearns out of business' and 'protecting mom and pop.'
*RS is a web-based real-time electronic stock lending and location service that matches traders with available stocks that can be borrowed for short sales and offers immediate data on the short-sell market. Obviously the biz would be made exponentially more profitable if the SEC expands and extends the rule, practically forcing Pitt and Co to charge customers for both locating and pre-borrowing.
