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bleakcity

147 Posts.

38

15/02/21

18:16

Post #: 51006973
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Originally posted by manny100: ↑

Short Selling in Australia is a disgrace. In Australia you cannot legally sell a share unless you own it. Yes, as we all hear Shorters borrow the share to sell. Well actually they do not borrow the shares. They sign a buy/sell back contract with the provider.
However the big funds, Brokers in the 80's kicked up big time because a sale of the share to the shorter triggered a Cap Gains transaction. You guessed it, they lobbied the Government and they are the only people organisations in Australia trading in assets that are exempt from Capital Gains Tax for that situation.
Yep the rest of us have to pay out of hard earned on any CAP gains.
So, the big end of town went knocking on the political and bureaucratic doors in Canberra and got Section 26BC. All the Government has to do is repeal the idiotic Section to level the playing field.
When the shorters hit they issue crap reports, try to get downramping media and often organise downrampers on forums. Not sure whether they have any here yet. If they turn up report if no evidence presented but mods don't help much. They can be relentless in their attacks.
Its the retail holders that get smashed by the shorters. ASIC does not care. No need to ban shorting just repeal that idiotic section S268BC of the Tax Act. Its just to easy.
I was a holder in the CTD (still am) shorting debacle so i know the crap that gets thrown about.
GLTH

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I have no problem with shorting, short sellers, or properly researched and cited reports.

I do have a problem with locals hiding behind foreign companies, putting out garbage timed for maximum price manipulation.

Given the election interference issues in the US, there are also subtle national security implications at play.

NEA Price at posting: $2.57 Sentiment: Buy Disclosure: Held
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