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More Evidence of Sirius Stock Manipulation

Check out this info from an internet article on "Naked Shorting" ... An example of a recent stock that’s been crushed to dust by this practice is Sirius-XM Satellite Radio (Nasdaq: SIRI). The company has huge potential… it’s a recently merged entity and now has 19 million paying subscribers. They have some debt problems, but the projects are that they’ll be profitable in 2009 and will add several million more subscribers while cutting costs. Seems like a natural success story of American capitalism. It’s a better product that regular radio. The merger created opportunity for them to become profitable and deliver an even better service. Naturally, the stock should be shooting up. Right? Errr… not exactly. Since the merger, Sirius has plunged by 60%.

Sirius bothers me particularly because, as we noted on this blog, the FCC did the company a big disservice by over-regulating their merger and holding things up for over a year. Then we had the SEC looking the other way while vultures attack the new company and rip it to pieces.

Sadly, Sirius is just one example of the hundreds of companies that were murdered in the last couple of years by these practices. Now that the SEC is starting to wake up, Sirius and other heavily shorted stock might be in line to rebound.