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SHORT-SELLING ACTIVITY IN THE STOCK MARKET:

THE EFFECTS ON SMALL COMPANIES AND THE
NEED FOR REGULATION

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For sale by the Superintendent of Documents, Congressional Sales Office

U.S. Government Printing Office, Washington, DC 20402

40 515U

3018

XL

COMMITTEE ON GOVERNMENT OPERATIONS

JOHN CONYERS, JR., Michigan, Chairman CARDISS COLLINS, Illinois

FRANK HORTON, New York GLENN ENGLISH, Oklahoma

WILLIAM F. CLINGER, JR., Pennsylvania HENRY A. WAXMAN, California

AL MOCANDLESS, California TED WEISS, New York

HOWARD C. NIELSON, Utah MIKE SYNAR, Oklahoma

RICHARD K. ARMEY, Texas STEPHEN L. NEAL, North Carolina

DONALD E. “BUZ” LUKENS, Ohio DOUG BARNARD, JR., Georgia

J. DENNIS HASTERT, Ilinois BARNEY FRANK, Massachusetts

JON L. KYL, Arizona TOM LANTOS, California

CHRISTOPHER SHAYS, Connecticut ROBERT E. WISE, JR., West Virginia

PETER SMITH, Vermont BARBARA BOXER, California

STEVEN SCHIFF, New Mexico MAJOR R. OWENS, New York

CHUCK DOUGLAS, New Hampshire EDOLPHUS TOWNS, New York

C. CHRISTOPHER COX, California
JOHN M. SPRATT, JR., South Carolina CRAIG THOMAS, Wyoming
JOE KOLTER, Pennsylvania

ILEANA ROS-LEHTINEN, Florida
BEN ERDREICH, Alabama
GERALD D. KLECZKA, Wisconsin
ALBERT G. BUSTAMANTE, Texas
MATTHEW G. MARTINEZ, California
NANCY PELOSI, California
DONALD M. PAYNE, New Jersey
JIM BATES, California
GARY A. CONDIT, California

JULIAN EPSTEIN, Staff Director
DONALD W. UPSON, Minority Staff Director

COMMERCE, CONSUMER, AND MONETARY AFFAIRS SUBCOMMITTEE

DOUG BARNARD, JR., Georgia, Chairman
JOHN M. SPRATT, JR., South Carolina J. DENNIS HASTERT, Mlinois
MATTHEW G. MARTINEZ, California STEVEN SCHIFF, New Mexico
JOE KOLTER, Pennsylvania

CHUCK DOUGLAS, New Hampshire ALBERT G. BUSTAMANTE, Texas

C. CHRISTOPHER COX, California HENRY A. WAXMAN, California

Ex Officio
JOHN CONYERS, JR., Michigan

FRANK HORTON, New York a
PETER S. BARASH, Staff Director
THEODORE J. JACOBS, Chief Counsel
DONALD P. TUCKER, Chief Economist

STEPHEN R. McSPADDEN, Counsel

(11)

CONTENTS

Hearing held on:

Page

November 28, 1989

1

November 29, 1989

173

December 6, 1989 ............

381

Statement of:

Barnard, Hon. Doug, Jr., a Representative in Congress from the State of

Georgia, and chairman, Commerce, Consumer, and Monetary Affairs

Subcommittee: Opening statement

1

Bratton, Kevin, vice president and treasurer, IGI, Inc., on behalf of

Edward B. Hager, M.D., chairman .......

139

Finn, Gene, chief economist and vice president, National Association of

Securities Dealers, accompanied by John Pinto, executive vice presi-

dent of compliance.

252

Flaherty, Robert J., editor and president, OTC Review, Inc......

Guion, John F., president, National Association of OTC Companies, ac-

companied by Lloyd J. Derrickson, counsel.

175

Ketchum, Richard G., Director, Division of Market Regulation, Securities

and Exchange Commission

384

Kwalwasser, Edward, senior vice president, regulatory group, New York

Stock Exchange..

214

Lister, Stephen, senior vice president for compliance, American Stock

Exchange...

240

Marquez, Thomas J., chairman, Carrington Laboratories ..

87

Russell, Michael K., president, American City Business Journals.

153

Spira, Robert A., chairman, Berkeley Securities, New York..

10

Sturc, John H., Associate Director, Division of Enforcement, Securities

and Exchange Commission

387

Letters, statements, etc., submitted for the record by:

Barnard, Hon. Doug, Jr., a Representative in Congress from the State of

Georgia, and chairman, Commerce, Consumer, and Monetary Affairs

Subcommittee: Letter dated November 27, 1989, from Feshbach Broth-

ers, relating to abuses in the short selling area, to subcommittee staff.... 3-8

Finn, Gene, chief economist and vice president, National Association of

Securities Dealers: Prepared statement and Pollack report ........ 256-356

Flaherty, Robert J., editor and president, OTC Review, Inc.:

Letter dated January 1, 1989, to Chairman Doug Barnard, Jr., relat-

ing to Feshbach Brothers letter ............

55

Prepared statement.....

39-53

Guion, John F., president, National Association of OTC Companies: Pre-

pared statement.

180–203

Hager, Edward B., M.D., chairman, IGI, Inc.: Prepared statement ..... 144-152

Ketchum, Richard G., Director, Divison of Market Regulation, Securities

and Exchange Commission: Prepared statement.

394-507

Kwalwasser, Edward, senior vice president, regulatory group, New York

Stock Exchange: Prepared statement.....

217-239

Lister, Stephen, senior vice president for compliance, American Stock

Exchange: Prepared statement.

243-251

Marquez, Thomas J., chairman, Carrington Laboratories: Prepared state

ment, with attachments ....

97-138

Pinto, John, executive vice president of compliance, National Association

of Securities Dealers: Stock exchange regulatory budget and staffing

levels.

372-375

Spira, Robert A., chairman, Berkeley Securities, New York:

Letter dated July 13, 1990, to Chairman Doug Barnard, Jr., relating
to Feshbach Brothers letter ..........

56-77

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