Summary
There certainly can and should be a debate around the disclosure of short positions (which should apply equally to the CDS market) and there should be continued vigilance against market abuse. But let's be clear: regulations already exist to prevent market abuse. 'Trash 'n' cash' -- short-selling combined with false rumour-mongering -- is bad, but no worse than 'pump 'n' dump', which is share ramping, also based on false expectations. Both are against the law.
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Extract
A Ripsote to the Archbishop
When Rowan Williams and John Sentamu took up their crosiers against shortsellers, they chose strange company: Ken Lay, the disgraced chief executive of Enron, Dennis Kozlowski, the jailed boss of Tyco (who took out full-page ads against short-sellers, before his company sank under the burden of accounting fraud) and the former prime minister of Malaysia...
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