Markham Lee_

On Short-Sellers and Dishonest Executives

Tan and Jason,

First I'd like to thank you for reading my article.

Second, I'd like to point out that in no part of my article did I say anything positive about naked short-selling, or claim that I was in favor of it. In fact I clearly said that anyone in favor of fair markets should be against ALL ILLEGAL and/or UNETHICAL behavior, whether that includes naked shorts, false rumors or executives who blatantly lie about the state of their companies.

The article is more about people who rail against all short-sellers, while ignoring bigger threats from lying executives then it is about naked short-sellers. It was also about the fact that there is nothing inherently wrong with legal short-selling.

When having these discussions it's important to differentiate between naked short-selling and legal short-selling, as they're not one and the same.


-M