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To: kenavi; SAJ
Found it. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aEOpTqmLZB7A

Also I spelled Mike's name wrong, it's Schneider not Snyder.

The company was Global Links.

Here's the relevant part of the transcript:

SCHNEIDER: In March 2005, the Senate Banking Committee confronted then-SEC Chairman William Donaldson with a story about Frank Dobrucki's company, the Nevada-based real estate holding company, Global Links. An investor named Robert Simpson had set out to prove that small companies were indeed frequent targets of abusive naked short sellers.

Simpson placed an order for $5,000 worth of stock in Global Links. That got Simpson ownership of all 1.1 million Global Link shares in the market. Not some of them, all of them.

UNIDENTIFIED: There were no shares available to be borrowed, and yet in two days, there were over 50 million shares traded. That's clearly something that needs work.

SIMPSON: I was absolutely blown away when I bought 1,282,050 shares, which equated to 111 percent of the issued and outstanding. I just couldn't even fathom that. So, it wasn't just crooked, it was Wild West times 10.

SCHNEIDER: The day all this started, trading in Global Links opened at 10 cents a share. Within a second, the price dropped to a penny. An hour and 16 minutes later, Global Links stock was trading at eight one-hundredths of a penny. Prices dropped 99 percent in less than two hours.

41 posted on 05/17/2012 11:53:35 AM PDT by Hostage (Be Breitbart!)
[ Post Reply | Private Reply | To 38 | View Replies ]


To: Hostage
"$5,000"!

Not worth talking about.
43 posted on 05/17/2012 1:13:18 PM PDT by kenavi (1% of the 1% were born in the 1%.)
[ Post Reply | Private Reply | To 41 | View Replies ]

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