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Short sellers are the ultimate party poopers, frequently blamed by the public and the media when a financial crisis occurs.1 A short sale is the sale of any security the seller does not own or any sale consummated by the delivery of a borrowed security. A former rule of the Securities and Exchange Commission (SEC), known as the “uptick” rule, prohibited any person from effecting a short sale of any exchange listed security below the price at which the last sale of that security was reported.2

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