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NEWS RELEASE
Sept. 17, 2008
ABA Media Contact: Carol Kaplan
(202) 663-5471
E-mail: ckaplan@aba.com
ABA STATEMENT: SEC BAN ON NAKED SHORT-SELLING
By Edward L. Yingling, president and CEO
“We strongly support the SEC decision to ban abusive naked short-selling on all public companies, including all companies in the financial sector, and are pleased with the aggressive effective date. This is a policy we have been advocating since early July.
“In recent weeks, this unlawful manipulation of stock prices has resulted in precipitous drops in stock prices, extremely high trading volumes, and huge spikes in failures to deliver among our publicly traded member banks and bank holding companies.
“ABA hopes that these steps have their intended effect and will be using the comment period to suggest additional ways to improve the transparency and efficiency of the securities settlement process.”
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The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.3 trillion in assets and employ over 2 million men and women.
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