GAO Report Blasts SEC Short-Selling Investigation

Law360, New York (March 26, 2009, 12:00 AM EDT) -- The U.S. Government Accountability Office issued a report Friday laying out the process for clearance in the equities market, finding that a U.S. Securities and Exchange Commission office may have missed significant activities related to manipulative naked short-selling in the nation's largest equities clearinghouses.

The GAO report stressed the importance of oversight into the clearance and settlement process for equities markets, while saying that it did not support the SEC Office of Compliance Inspections and Examinations' 2007 report validating activities of the National Securities Clearing Corp.'s...
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