Sigh. We provide the following as a matter of public record, and in the interests of fair reporting.
We the undersigned petition the Prime Minister to MAKE IT ILLEGAL TO SHORT SELL STOCK EXCHANGE SECURITIES. Submitted by HARRY BARKER of N/A
In order to preserve the integrity of the Stock Exchange and the financial systems we all rely upon, make it illegal to short sell stock exchange securities – that is the practice where shares are borrowed from long term holders, sold and then rebought at a lower price, thereby maintaining the number of shares held but a profit is booked. Such trading, whether on the back of rumours or not, manipulates the market to the detriment of almost everyone else.
Question: Why do the Prudes Against Shorts always find it so difficult to describe what shorting actually is? “Rebought”?
The petition had 504 signatories as of 5pm, so some sort of official response is mandatory. (Hat tip to eagle-eyed reader VP)
FT Alphaville, The Site That Supports our Shorts