George W. Bush Appointee Casey's Free-Market Sanity is Reason Why Equities Spiked Sharply After 10:30ET ..

By Fawn Johnson

DOW JONES NEWSWIRES
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WASHINGTON (Dow Jones)--U.S. Securities and Exchange Commissioner Kathleen Casey on Wednesday said she would vote "no" on a final rule to curb short selling in certain securities that are experiencing severe declines.
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The SEC is set to vote on the rule Wednesday.
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Casey last year voted in favor of a proposal to seek information on whether short selling, in which investors attempt to profit by selling borrowed shares of a stock that is losing value, contributed to the widespread market downturn of the last few years.
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In a statement Wednesday, Casey said there is no empirical evidence that short selling contributed to market downturns.
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Casey, who holds a Republican slot on the commission, said the commission shouldn't act "simply to say we have acted."
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-By Fawn Johnson, Dow Jones Newswires; 202-862-9263; fawn.johnson@dowjones.com
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(END) Dow Jones Newswires
February 24, 2010 10:50 ET (15:50 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.- - 10 50 AM EST 02-24-10
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