Most people have got this in common. They don't invest "much time." I would like to quote Robert Kiyosaki's Rich Dad. "Since most people don't invest much time, they lose their money."
Robert also talks about the 90/10 rule of money. He explains that 90 percent of investors invest their money, but they don't invest much time at all. So how do you find the "best way to invest money?" Check this out. The 10 percent that make 90 percent of the money have invested more time than they have money.
Highly successful and well knows entrepreneurs Donald Trump & Robert Kiyosaki both follow this method, and thereby ultimately use less of their own money and more of their own returns to gain even higher returns. So why do people in general think that investing is risky? Well, first of all most investors take financial advice from so called "financial experts" who have very little financial education or experience. Here is an interesting fact. Less that 20 percent of stockbrokers do not or have not invested in the products they recommend to their clients.
Another really important thing to remember is that most people run off of hot tips. And these come from poor people, not rich people. They believe that someone else has the answer, and knows the best way to invest money. The real problem in today's society is that there is no financial education being taught in our schools, and teachers don't really have any real world financial experience or training.
So what can you do to get past this wall of confusion among the majority? Well, it's simple really. Just choose your advice with more caution. Always remember that your mind is your most important gift, so value it and use it with caution and respect. You have to do this. Let go of the thoughts and ideas that are already in your mind, flush your mind of these things! Often it's harder to get rid of these old thought patterns that creating new ones. But there is a solution - in your mind!
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What is the Best Way to Invest Money?
Understanding 403b Retirement Plans
A 403(b) Retirement Plan is a form retirement savings plan which is aimed at making the retirees and the older adults financially stable in their post retirement period. The 403 b retirement plan mostly caters to the teachers, self employed ministers and non-profit employers.
One major advantage of 403b plans have over other retirement plans is with the payments of the income taxes. In 403b, the funds are allowed to grow over a period of time. After the money withdraws, it is liable for taxation. In the present scenario, the 403 b plans also consist Roth contributions or after tax contributions. Many times, if the applicants comply with various other requirements then tax free withdrawals are also allowed. The Roth Contributions requires to be included in the 403 b plan for at least a period of five taxable years.
The terms and conditions associated with the 403b plan are more or less same as of 401 K plans. The plan is offered from the employer side, and one can immediately start enjoying the good financial benefits after retiring from the job
There are also other ways in addition to the conventional methods through which one can withdraw the employer contributions. You are allowed to withdraw the employer contributions before reaching the age of 59½. However, it requires that the plan is funded with annuities.
The 403b retirement plans are salary deferral contribution plans thus has universal applicability. This feature also allows employees to make various kinds of salary deferral contributions. Another benefit of 403b plans are that they are simple, having cost effective reporting requirements.
The 403b retirement plans are often referred as a tax-sheltered annuity plans. Various kinds of tax-exempt organizations such as health care institutions, universities, colleges, etc are covered under the plan. www.futureyears.com/retirement-plans
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Retirement Income Planning - Why You Should Consider It
The most important thing investors should consider today is the need to save for their retirement. It is becoming increasingly clear that many countries can barely afford National Superannuation.
If we take New Zealand as an example, the Government's decision in the recent budget to suspend contributions to the Super Fund is the issue that is getting the most media attention. One assumes that if the Government decided to instead borrow more and keep paying into the Super Fund it would have been criticised for doing that too.
On balance, their decision to freeze contributions looks sound. Borrowing to invest in a balanced portfolio, at a time when the Government's income is falling and debt is rising, and at a time when markets are far from guaranteed to deliver a return much in excess of the cost of these borrowings, would not seem to make much sense.
The bigger issue is, of course, that with our limited earnings base, New Zealand can barely afford national superannuation, and as the baby boomers start to retire this pressure will only intensify.
Whilst the baby boomers are likely to be able to get paid the pension, it is my generation - the 'flower power' babies - that may have to face the music. We will likely have to choose between higher taxes or a lower pension. The age of entitlement will be more like 75 years of age. The weekly allowance will also probably be much smaller than the 66% of the average wage that is paid today, and it will definitely be means tested - after all, social welfare is for the needy not the greedy.
What you need to remember is that while a smaller retirement pension for future generations is a certainty, it has nothing to do with politics, and everything to do with financial reality. For most New Zealanders the New Zealand Superannuation income will not be enough to sustain their current lifestyle in retirement. We need to trim our spending, pay off debt as quickly as possible and save more. The reality is that you need to start planning now for your retirement in order to supplement your income in the future. So I suggest that you go and have another look at those retirement planning brochures that are sitting at the bottom of your recycling bin.
Cam Watson is the Chief Investment Officer for ABN AMRO Craigs, which is one of New Zealand's largest independent investment firms.
He has over 18 years experience in the financial services industry. For eleven years Cam has been employed with ABN AMRO Craigs, becoming Chief Investment Officer in 2007.
Previously he has held Business Development, Investment Management, and Client Services roles at Tower, Southpac, Prudential and Tower Trust Services. This experience in a range of senior roles for major companies has given Cam a wealth of knowledge to draw upon and made him one of New Zealand's trusted investment experts. Cam holds a Bachelor of Arts Degree and a New Zealand Stock Exchange (NZX) Diploma. He has been a member of the NZX since 2001 and has a current Sharebroker Licence. As with all ABN Amro Craigs Investment Advisors, Cam is required to maintain continuous internal performance modules, covering topics such as industry and regulatory developments. He also has the support and resources of ABN AMRO Craigs global research network. abnamrocraigs.com.
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How Much Do You Need to Retire Abroad?
Retiring abroad is one of the most exiting ways to spend your retirement life. While enjoying an international retirement you get to start a new life in a new local and rediscover the world from a fresh perspective. Many people find it a bit difficult to accept their retirements though. This is true, especially in case of those who had been rather attached with their profession or career. Such people often plan to leave the country for a greater impact that would easily help them in coping with the fact that they no longer have a working life. Just like any other retirement plan, retiring abroad primarily depends on the size of your budget, that is, your savings and investments during retirement. Before making any kind of move you should have a rough idea about how much you need to retire abroad comfortably.
Your company pensions and social security benefits might not be enough for planning a cross-border settlement. You should have a strong financial base in order to implement such a life-size retirement plan. The size of your savings is an important determinant when it comes to settling in any foreign country. However, a more clear answer to the question of how much you need to retire abroad can be provided only when you decide your location. There are no standard rates to decide just how much you need to retire abroad. Nevertheless, you can take it for granted that it is surely going to cost you more than what you are living on right now, in your own country.
Primarily, the standard of living in the country to which you are moving defines your basic budget requisites. The only way to cut down your cost is to choose a place where cost of living is lower, but such countries might not be able to provide you with high quality standard of living to which you are accustomed till now. If you are someone who loves the countryside atmosphere then you can opt for living in less urbanized places. This will be quieter and cheaper. There are several European countries which attract lot of retirees who come there and settle down for the rest of their life.
While calculating the budget for migrating to your new destination you should take into consideration the investment and saving rules applicable in that country. It is important to educate yourself regarding the laws and practices of your new country because most probably you will be living in there for the rest of your life. There might be variations in these rules for non-resident Americans. You should also consider the maximum senior citizen benefits applicable to you. All the countries might not provide efficient medical care for senior citizens as in US. Such factors might considerably increase your cost of living in a foreign country.
Real estate prices are another inevitable factor which you must consider in detail while planning your retirement budget. The distance from your own country to this new place is also an important factor which determines your total cost. No matter how far you go, your roots will beckon you back to your motherland sooner or later. If you intend to visit your friends and relatives often in a year then your decision to live abroad can be an expensive one. Once you figure out how much you need to retire you can begin planning for how you can achieve that goal and make the Autumn of your life even more exciting than the Spring!
At Invest-Retire-Abroad.com we help you...
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Cheap Places to Retire Overseas
In the quest to find a cheap place to retire overseas one might come across various reports stating that so and so country is one of the best places to retire. It might be the best place to retire for that particular writer, but will it be good for you? The vast majority of us would like to live a simple, healthy, happy, and comfortable life especially after retirement. Let's look at some basic criteria to consider when looking for cheap places to retire overseas. We are not recommending regions, but based on the tips stated in here, you will be able to come up with intelligent decisions.
Many people retire due to the age factor, while some of them even take an early retirement voluntarily... wouldn't that be nice!! With the progress of time, one's age becomes a major consideration and determining factor for where you can move and retire to. The climate of the retirement destination city plays an important role while deciding the cheap places to retire overseas. It will be disheartening to go to some unknown country and spend the rest of the days on medicines. It's good to choose a region that has a good climate with sunny days and moderate rainfall all throughout the year.
One of the primary reasons why people look for cheap places to retire overseas is to reduce their current cost of living. $500 might be insufficient to exist in the United States, but it is more than ample to live lavishly in Panama. Please note that the previous comparison was just an example. There are many places available in this segment where you will be able to live comfortably without breaking the bank. Entering and exiting the country must be fast. In other words, the rules of entry must be lenient and retiree friendly. Retirement is a peaceful part of one's life. One does not like to spend his retirement days walking through the embassy halls every day and fighting with government officials trying to get their papers and visas in order.
The next in the list are the facilities that have been made available in the medical industry in the country where you are planning to spend the rest of your days. There is no use staying in a country where you will be charged $5000 for doing a complete checkup. Always keep this in mind while choosing the cheap places to retire overseas. At first, it might seem impossible to find a place with low cost but efficient medical facilities, but once you dig a little deeper, plenty of options will materialize in front of you.
The place chosen must be safe and must have a relatively low crime rate. Do not opt for a place, where there is a high chance of you being mugged every time you step into the dark shadows of the alley. Who wants that? It is true that criminals can be found in every part of the globe so be realistic in what you look for. However, it is also true that criminals are lower in number in some parts than others. While looking for a suitable retirement abode it is always encouraged to look out for a place where there are expatriates from your native country. Chances are high that you might meet some of them, spend some quality time with them, develop long lasting friendships and learn firsthand what life is like as an expat living abroad. Your retirement is an adventure waiting to happen, first studying up on some of these basic factors will prevent it from becoming a "mis" adventure!
Visit us at Invest-Retire-Abroad.com
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Investing On Internet
The World Wide Web has opened many doors for individuals of all ages and economic backgrounds to invest soundly and make their money work for them. There are many investment websites on the World Wide Web that make the rather confusing and intimidating stock market simple for you. They help you invest your money in everything from money market funds to stocks to bond without much fuss and worry.
When it comes to investing your money online, the key is to find a suitable investment firm that fits your needs and expectations. As with anything available on the World Wide Web, there are endless options when it comes to investment firms that are more than happy to take your money off your hands. Remember, before you invest a single cent, you should feel happy and confident with your choice of investment firm. If you feel uncomfortable of a company or their claims, further investigate their history before committing any funds.
Depending on your needs, you will find a different company to suit your every wish. If you plan on buying and selling stocks, mutual funds, or bonds on a regular basis, look to find a company that will allow you unlimited trades for a few dollars each month. However, if you would rather have a “wait and see” basis when it comes to investing, be sure to find a company that will not penalize you for not meeting the minimum of your monthly transactions.
After you have decided upon the investment firm that best suits your needs, begin looking into investments that fit your expectations. There are a variety of optional mutual funds, bonds, and stocks available to suit individuals wanting a minimal risk or those wanting to risk it all on the promise of high returns.
Consider joining an investment website or group that will allow you to speak with other investors about their investments. Often, investment groups are a great way for you to answer all your questions and take a look at unique investment opportunities you may not have noticed before. Also, consider joining websites that produce monthly or weekly newsletters that will allow you to have access to up to date information regarding investments of all types.
The money that you are investing online is what you have earned after a lot of toil. Always remember this fact. Investors tend to forget this while investing online because of the transfer taking place in cyberspace. Overlooking this fact and over investing may put you in debt.
Another helpful tip for online investing is to involve the entire family with the investment process. This can help you take the right decisions and also educate the next generation about the importance of saving money.
However you choose to invest online, do so today! Online investment is a great way to begin the saving process, whether it is a long term goal like education funds or retirement, or a short term goal like a vacation fund.
Provided by ArticleGOLD
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Retirement Planning and Your Finances
Credit Cards: Having a credit card is often a necessity for most senior citizens – from paying for medicine and emergencies to booking a vacation. But for seniors living on a fixed income, there are concerns about carrying a large balance from month to month and running up significant interest charges. In the worst cases, the debt becomes unmanageable and a major source of stress for the account holder and the family.
Another problem for seniors is having too many credit cards. That's because the more cards you have, the more opportunities you have to get into debt. And that possibility could make it tougher for you to get the best deal the next time you apply for a loan, insurance, a mortgage or an apartment. Having a lot of cards also can make it harder to keep track of when your monthly payments are due or to even realize that a thief may have stolen one of your cards.
Home Equity Loans and Lines of Credit: These are loans that use the equity in your house as collateral and often are tax deductible (check with your tax advisor). The equity refers to the difference between what you owe on a house and its current market value.
A home equity loan is a one-time loan for a lump sum, typically at a fixed interest rate. A home equity line of credit works like a credit card in that you can borrow as much as you want up to a pre-set credit limit. The interest rate for a line of credit usually is variable, meaning it could increase or decrease in the future.
"For elderly people on a fixed income who have paid their mortgage in full or whose mortgage is almost paid in full, home equity loans are tempting to use to pay for expenses, but they can also be dangerous," warned Janet Kincaid, FDIC Senior Consumer Affairs Officer. "In the worst-case scenario, if you are unable to make the required loan payments, you could lose your home."
In general, the best uses for home equity-type loans are to purchase goods or services with long-term benefits, such as home improvements that add to the value of your property. The riskiest uses of home equity loans include a vacation or a car because you could end up paying a lot in interest charges for a purchase that's only of short-term value or has gone down in value. Also beware that some unscrupulous people or companies (including home repair contractors) push high-cost, high-risk home equity loans to elderly people and other consumers.
Reverse Mortgages: These are home equity loans available to homeowners age 62 or older. In general, a reverse mortgage is a loan that provides money that can be used for any purpose, and the principal and interest payments typically become due when you move, sell your house or die. A reverse mortgage also differs from other home loans in that you don't need an income to qualify and you don't have to make monthly repayments.
While reverse mortgages can be a valuable source of funds, they also have serious potential drawbacks. In particular, you will be reducing your equity, perhaps substantially, after you add in the interest costs.
"Reverse mortgages can help in some situations, such as when you have large medical bills that are not covered, to make major home repairs or to help people on low fixed-incomes make ends meet," said Cynthia Angell, a Senior Financial Economist at the FDIC. "However, you are reducing your ownership share of the home. That means the inheritance you are leaving to your heirs could be greatly diminished or you could have far less money available for other purposes, such as buying into a retirement community later on. That's why a reverse mortgage should usually be used as a last resort, not as an integral part of a retirement strategy."
Also, Angell said, the fees can be high, and that could make a reverse mortgage a poor choice to cover relatively small expenses.
Life Insurance: People mostly think about life insurance as a source of income when someone dies, but they forget that many insurance policies also can be a source of cash at other times.
If you have a life insurance policy with built-up cash value, you can borrow against that money and either repay the loan with interest or reduce the death benefit accordingly. Example: If you have a $100,000 life insurance policy but you owe $20,000 on a loan from that policy, your heirs would receive $80,000 as the insurance payout.
There are other options reserved for people who have been diagnosed with a terminal illness and have run out of other ways to pay their expenses. One example is a life insurance policy that can pay "accelerated death benefits" to an eligible policy holder — generally up to about 50 percent of the face value of the policy — in either a lump-sum payment or monthly payments that are deducted from the policy's face value. When the policy holder dies, the rest of the death benefit is paid out.
Another possibility is to "sell" your life insurance policy to obtain a lump-sum of about 40 to 80 percent of the face value in exchange for the right to receive the full insurance payout when you die. This is known in the insurance business as a "viatical settlement."
These and other options for tapping life insurance policies can be complicated (including tax and other implications), and they are not right for everyone. Consider getting guidance from your state government's insurance regulator.
Provided by ArticleGOLD
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Opening Children Savings Accounts To Secure Your Childrens Future
Opening a childrens savings account instead of buying bonds when planning for your childrens' financial future is a savvy choice. From the time we first become parents, of course we want the best for our children. We do everything we can take care of them responsibly. We feed, clothe and love them, and hope that they'll grow up to be everything they can be, with full and active lives. However, if something should happen to us as parents, what would happen to our children? Life insurance is one way to help our children make sure they have what they need if the guardians we choose for them do not have the financial means to provide the life we want for them. Savings accounts offer a viable strategy regardless of your financial status.
When you start to invest in your childrenss future this way, you do a number of beneficial things. First of all, you can begin to save money in your childrens's names when they're young by making regular deposits. They can also contribute funds to their own accounts, in the process learning how important and rewarding saving can be. This can help offset the cost of tuition for college as educational costs in the country skyrocket or for any other educational programs they might need in the future. However, unlike many college savings programs, funds in a childrens savings account do not have to be spent solely for education in the event, god forbid, they choose not to go to college. Money is available should there be an emergency, or for any other situation, without penalty for withdrawal. The money deposited in a childrens savings account is available to the childrens immediately.
A number of financial institutions offer special childrens savings accounts, so finding a competitive rate may only require a little research. Many banks have a childrens savings account that offers no minimum age, but they may include the stipulation that an adult be in charge of the money until the childrens reaches a certain age.
Another option is to open a 529 college savings account in your childrens name, these offer more than just a federal tax break for the capital gains tax. Most states also allow tax benefits for either a college savings account or a prepaid tuition plan, although some states may have a limit on how much of an investment will receive a tax break. Withdrawals made from a college savings account or prepaid tuition plan not spent on qualified purchased may be taxed and penalized through the Internal Revenue Service. These penalties may not apply, however, under special circumstances such as receiving a scholarship, acquiring a disability or death.
Purchasing bonds is not presently is not a good option to help secure your childs financial future. Because bonds hold the initial monetary investment for a set amount of time before they mature, they now have a lower fixed interest rate than the more flexible childrens savings account. So don’t sock away your money into these bonds unless you’re in willing to accept a lower return on your investment. For the long haul – bonds usually have a minimum of three years (and in most cases, much longer) before they actually mature.
Regardless of whether you decide on savings, purchasing bonds or both, you'll create a financial cushion for your kids future when they may need it most. This also gives you the peace of mind to know that your children will be taken care of long past your initial investments in them financially. With a little research for choosing the best one and regular deposits into a childrens savings account your childs financial future will be bright.
Provided by ArticleGOLD
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Retirement Investment Strategies - Three Things You Must Do to Achieve Investment Success
How is your IRA doing? If yours has been performing like most people's, your savings have been virtually decimated in the last few years. That's very unfortunate, and it happened because so many people don't know what they need to do to keep their savings safe even during bear markets, and to keep them growing consistently most of the time. Read on for some retirement investment strategies that will improve your money's performance in the future.
But first, let's ask a question: Why don't people know more about proper retirement investment strategies? Well... IRA accounts are the responsibility of their owners, and the advice they get -- sometimes even generously provided by family, friends and news sources, is rarely sufficient to help them make the most of their retirement savings.
So it's up to you to watch out for your own money. Here are three things you can do to achieve investment success. In fact, you must do them if you want to hang on to your money and actually make it grow.
1) Get help
You need knowledgeable guidance. You risk losing big-time if you don't have access to an experienced advisor. Of course, you could also study up yourself, and doing some of that is definitely a good idea. But it's difficult to build up enough knowledge in a reasonable amount of time to become a truly good steward of your IRA account. So why not call in an expert. He or she will help you grow your money much more consistently and more safely than you could ever do it on your own.
2) Get a plan
You also need to have a plan. What are your expectations, what is your level of tolerance for risk, and how much time do you have to accumulate your retirement savings? Given these and other parameters, you should set up a plan and stick with it. Of course, it should be reviewed on a regular basis to make sure it still suits you and is appropriate for the relevant market conditions.
But what if your plan is wrong? Well, that's why we have point 1: Get Help. You should create your plan with the help of a knowledgeable advisor who has plenty of experience with retirement investment strategies. And, by the way, make sure that any advisors you consult are working for you and not for commissions. How to tell? If they are fee only advisors, you can be pretty sure they will give you unbiased advice. If they say there's no charge, which means that they'll get paid by the funds they recommend, run for the door.
3) Stick with the plan
Stick with your plan, unless and until you and your advisor decide otherwise. It's important not to be guided by impulse and emotions. Most of the time, that will only get you into hot water. Many people who try to time the market and sell when the stock is sinking or buy while it's rising end up losing out. They end up buying high and selling low, which is the opposite of what you should really do. But if you have a good plan, you probably have a contingency plan as part of it as well, which will tell you what to do in certain market situations.
From FeeOnlyFinancial.net
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Advisers, investors call for reinstating uptick rule
Highlighting investor concern about the market effects of short selling, more than 3,000 comments have been filed with the Securities and Exchange Commission on proposed changes to the short-sale rule.
A majority of the comments appear to be from individual investors who want the SEC to restore the uptick rule. That rule was rescinded in 2007 when the SEC put new short-selling rules in place.
One of the proposals issued by the SEC in April would restore the uptick rule, requiring that short sales be allowed only at a price above the price of the last transaction. The rule is intended to prevent short-sellers from putting severe downward pressure on stock prices.
There is no timetable for acting on the proposal.
The comment period for the SEC's short-sale proposal ended June 19. Although the commission received more comments than usual, the volume doesn't compare with the more than 20,000 comments filed on proposals involving executive compensation and other topics, SEC spokesman John Nester wrote in an e-mail.
The SEC proposal asked for comments on whether the uptick rule should be reinstated, whether some form of “circuit breaker” should be put in place that would limit short selling in markets that are declining rapidly or whether some combination of those techniques should be employed.
Some financial advisers joined in the chorus of individuals calling for reinstatement of the uptick rule.
One of those who commented was Gloria Franz, a certified financial planner and president of Franz Wealth Management Inc. of Palm Desert, Calif., which manages $50 million.
“The rule should be intact,” she said.
“You could prevent people from being able to crush the price of a stock by having so many short sales,” Ms. Franz said. “They're allowing way too much manipulation of the market.”
Another CFP who wrote a letter in favor of reinstating the rule was Kathy Ellis, a financial adviser in the Clarksville, Tenn., office of Raymond James Financial Services Inc. of St. Petersburg, Fla.
“The uptick rule should be reinstated permanently, and naked short selling should be eliminated,” she wrote in her June 16 comment letter. Abandoning the uptick rule “did more damage to investor confidence and net worth than just about anything else. In the midst of the crisis we faced last fall, there was manipulation of the markets and damage to some great companies,” Ms. Ellis wrote.
Not all advisers agree that the uptick rule should be brought back, however.
MORE EVALUATION
Noting that the SEC is taking action relatively soon after it issued its last rules involving short selling, Geoffrey Foisie, an investment manager at Shawbrook, a registered investment advisory firm in Alexandria, Va., that manages $5 million, said that more time is needed to evaluate the last rules issued.
He is chairman of the Industry Relations Committee of the National Association of Active Investment Managers, a Denver group representing about 130 members, who manage about $10 billion. Advisers in that group use short-selling techniques and funds that apply those techniques to try to reduce risk for clients.
The SEC proposal is so broad, it would impose barriers to short selling, Mr. Foisie said. “It threatens a lot of very standard risk-reduction techniques that many advisers use on behalf of individual clients around the country,” he said.
Groups that represent the mainstream brokerage industry and the hedge fund industry, which employs short-selling techniques, argued that the SEC proposal isn't necessary. But they also hedged their bets by recommending modified versions of the proposal if the agency does move forward.
“We don't think there is a need for these additional proposals,” said Stuart Kaswell, executive vice president, managing director and general counsel of the Managed Funds Association in Washington, which represents hedge funds.
The short-sale rules previously put in place by the SEC “have gone a long way to addressing concerns about improper naked short sales,” he said. Rather than instituting new rules, the SEC should vigorously enforce the rules already in place against illegal short selling, Mr. Kaswell said.
“We shouldn't confuse short selling with market manipulation,” he said. “Short selling is a perfectly legitimate practice” that helps with hedging and price discovery, Mr. Kaswell said.
However, if the SEC decides to go further with short-selling restrictions, the MFA thinks that some combination of a modified uptick rule and circuit breaker “would be less problematic than others,” he said.
The Securities Industry and Financial Markets Association of New York and Washington said in its comment letter that the brokerage industry doesn't think that reinstating the uptick rule is necessary. However, if the rule is reinstated, it should be narrowly tailored toward certain stocks that have tripped a circuit breakers, SIFMA said in its comment letter, which was signed by Ira Hammerman, the group's general counsel.
DIFFERENT POSITION
In an unusual twist, NYSE Euronext of New York took a position differing from that of the brokerage industry. The company, which operates the New York Stock Exchange, said in its comment letter that the SEC should adopt the uptick rule. Doing so “could have a real impact on investors' and issuers' confidence in the equities market,” wrote Janet Kissane, its legal and corporate secretary.
But Patrick Byrne, chairman and chief executive of Overstock.com Inc., a Salt Lake City company that was on the SEC's list for failure to deliver shorted stock from 2005 to 2007, said that the agency needs to adopt a requirement that shares actually be delivered before they can be shorted. Traders can find loopholes to get around the uptick rule, he said.
Adopting the uptick rule is “giving chicken soup to a cancer patient,” Mr. Byrne said. “It's not going to help.”
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