Well thanks for nothing Mr Rudd. Have just read a report on Etrade site. He is doing nothing to control it at present.GoldmanSachs JBWere Trader Patrick Crabb said "Rudds comments that short selling in Australia "needs to not just be examined but acted on" combined with reports on the actions by US and UK regulators were "enough to spark a massive wave of short covering" on the Australian share market Friday.
Rudd told reporters in Canberra that he" welcomes the measures announced recently" on short selling referring to overnight moves by US and UK regulators to temporarily suspend short selling of stocks in an attemtp to stabilize markets.
He noted that the Australian goverment has a bill currently being examined b y industry on the future of short selling in this country.
"We believe that (short selling) together with other areas of the financial market, need to not just be closely examined but acted on. Transparecny is one set of measures weve refferred to already" Rudd said.
However a spokeswoman for Corporate Law Minister Nick Sherry confirmed that the government's plans so far extend onlyto improving the transparency of so called covered short selling - a trading strategy of selling borrowed stock in hopes it falls and can be repurchased at a lower price.
The (Corporations Amendment) short selling bill is due to be introduced in the spring session of Parliament, which is any time between now and the first week of December. The bill will improve disclosure of covred short selling as weve already said" the spokeswoman told Dow Jones Newswires.
"We've had our bill in the works for the past six months" she added.
Her comments may disappoint investors hoping for more dramatic action along the lines of that seen globally.
You know what, they are a bunch of procrastinators( six bloody months while the world goes down the drain!!) and as long as they are leading our country we don't have a hope in hell of FAIR TRADING!!!
OZL Price at posting:
$1.44 Sentiment: Buy Disclosure: Held
