“It feels kind of icky and un-American, betting against a company,” NYSE Group President Tom Farley told lawmakers in Washington Tuesday. He added that because short-selling can actually improve markets, public companies don’t necessarily want to ban it outright -- instead they want to see more stringent disclosure. “They say, ‘Let’s have a little more transparency,”’ said Farley, who runs the NYSE division of Intercontinental Exchange Inc.Short-sellers are to the stock market as the dissident Right is to the Cathedral.
The NYSE executive has a built-in reason to defend corporations given his exchange is home to many of the world’s biggest companies, businesses that would obviously prefer to see their share prices rise. Short sellers profit when stocks plunge. On the other hand, NYSE also makes money from short sellers who place trades on its exchanges.
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