In previous posts I’ve described how the U.S. Chamber of Commerce, the premiere lobbyist for the interests of Corporate America and against the public, has embraced the cause of money-losing CEOs blaming their misfortunes on “naked short selling.”
That’s a fringe conspiracy theory which insists that nefarious market hobgoblins, such as widespread “stock counterfeiting,” are the reason for stock price declines. Not inept or crooked CEOs, heaven forbid! The naked shorting issue has been pushed by right-wing diehards, stock promoters and garden variety nuts — wackos who send death threats to myself, other reporters and regulators.
The Chamber sent an impassioned comment letter to the SEC and even put the former chief mouthpiece of the naked shorting clowns, the now-imprisoned Universal Express CEO Richard Altomare, on three Chamber committees.
Now comes word that another major Washington lobbyist that aggressively fights against the public interest, the Washington Legal Foundation, has aligned itself with the anti-shorting forces in a comment letter to the SEC.