WEST PALM BEACH, FL (HEDGECO.NET) – The Senate Judiciary Committee panel has scheduled a review into the short-selling activities of independent analysts and hedge funds for June 28.<\/p>\n
The panel is still revising a witness list, but they are overlooking marketers that are involved in short-selling. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cNaked short-selling is against the law, and we\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2re concerned about it,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d a spokesman for Sen. Orrin Hatch, R-Utah, a Judiciary Committee member, told Dow Jones.<\/p>\n
They have also not invited some major players in the management market, such as Patrick Byrne. Byrne has been vocal in attacking \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cnaked\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d short sales in which sellers don\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2t borrow shares before selling, which he says may have destroyed hundreds of small companies while enriching hedge funds and Wall Street bankers.<\/p>\n
Patrick Byrne, the head of Overstock.com Inc. is a Salt Lake City-based online discount retailer that has sued hedge fund Rocker Partners and small stock-research firm Gradient Analytics Inc.<\/p>\n
Short-selling involves the selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume that they will be able to buy the stock at a lower amount than the price at which they sold short, it is an advanced trading strategy with many unique risks and pitfalls.<\/p>\n
The practice is still legal, though the subject that has caused many headlines and lawsuits alleging insider trading and market manipulation.<\/p>\n
Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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