March 11, 2022
Shorting should be illegal.
That aside, if the SEC and congress will not illegalize this anti \"American Dream\" and fraudulent practice, then it should require intra-day short reporting directly to the SEC. Technology is fully capable of tracking all shorts in the market at any given time, and FINRA has proven self-reporting short positions does little to hold short sellers accountable for false reports. Many FINRA reports on failures to report short positions result in the firm not acknowledging their wrong doing and paying a fraction of the profits as a \"fine\" (read as \"cost of doing business\"). Short sellers should have to disclose to the SEC every time they short a security or asset since it is no different than handing over a xerox'ed car title in exchange for the value of the car, then putting that burden on someone else to find the customer's car. Short Interest should be updated for all to see thrice per day market open, noon and market close. It is absolutely mind boggling that I can retrieve four wildly different SI% from four different websites even though the information is more than 15 days old