Huge Problem: 150 Published Articles on Naked Short Selling

Below are two links to Exhibit I and Exhibit II, they are an accumulation of over 150 articles written at the end of 2008 on the Naked Short Selling cover up by the SEC for over 10 years, the present resulting financial collapse and the real effects on the US and world economy.

Exhibit I and II shows this HUGE PROBLEM has finally been admitted, yet Universal Express and its Chairman and CEO Richard Altomare remain unrelenting on the matter and have now petitioned the Supreme Court to review this landmark case.

Exhibit I (Naked Short Selling articles)

Exhibit II (Naked Short Selling articles)


For media and other inquiries that would like PDF versions of all 17 major posts via email please send request to usxpshareholders(at)gmail(com).

Below are a few sample articles from publications and writers on Naked Short Selling.
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August 13, 2008

Stocks Under 'Short' Order
Fell During Protection Period
By JUDITH BURNS
August 13, 2008; Page C6

WASHINGTON -- A Securities and Exchange Commission emergency order to tighten short sales in 19 sensitive financial stocks appears to have backfired, a study found.
Shares in federal housing-finance titans Fannie Mae and Freddie Mac; Wall Street firms Lehman Brothers Holdings Inc., Goldman Sachs Group Inc. and Merrill Lynch & Co.; and others covered by the order saw declining prices and deteriorating market quality over the course of the 23-day emergency order, according to the study.

Arturo Bris, a finance professor at IMD business school in Lausanne, Switzerland, conducted the study and said the SEC-imposed restraints "contributed to a decline in share prices for the 19 stocks" while the order was in effect, totaling about $60 billion in losses.

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.

Short sellers sell borrowed shares and profit from price declines that allow them to replace shares at a lower price. Naked short sellers don't borrow shares before selling them short, a practice that critics say can lead to punishing stock-price declines.

The study examined the 19 stocks covered by emergency order, comparing their performance before and after the order took effect. It also compared results for the 19 shares against 59 U.S. and 73 non-U.S. financial companies that weren't subject to the emergency order.

Shares covered by the order lost 3.8% of their value compared with their peers' stock between July 21 and Aug. 4, the study concluded, or roughly $60 billion.

Overall, the study found the 19 shares targeted by the order had been sinking over the past six months, and fared "significantly worse" than comparable stocks.

Click Links Below For Easy Navigation:

1. Supreme Court Case
2. 150 Articles: SEC finally admits Naked Short Selling is a HUGE problem and a cause for financial crisis (July 15th, 2008 et. seq-September 15th, 2008 et. seq)
3. Richard Altomare's "Prison Inc." Book Excerpts
4. Universal Express Statement
5. Universal Express Recitation of Facts by General Counsel
6. Brief in Support of USXP Entitlement to Trial by Jury
7. Universal Express Complaint filed against SEC- March 3, 2004
8. USXP Full Page Ad in New York Times
9. Office of Inspector General Semi Annual Report to Congress- March 31, 2008
10. Richard Altomare's Speech on Naked Short Selling
11. USXP Quarterly and Annual Reports
12. Exhibit A and B: Universal Express Press Releases and Published Articles on Naked Short Selling 1998-2007
13. Universal Express Motion for Partial Summary Judgment
14. Supplemental Declaration of Chris G. Gunderson- Nov 13, 2006
15. Universal Express et al Motion for Reconsideration- March 8th, 2007
16. USXP Memo of Law in Support of Motion for Reconsideration
17. Universal's Declaration of General Counsel in Response to SEC's Request for a Receiver