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Rating:Two Fund Firms Stop Lending Shares to Short-Sellers Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 23, 2008

Two Fund Firms Stop Lending Shares to Short-Sellers

by: Armie Margaret Lee

Vanguard Group and Bank of America's Columbia Management have temporarily stopped lending out shares to short-sellers, The Boston Globe reports. The move came after the SEC banned the short-selling of stocks of 799 financial companies for two weeks.

"We have decided to stop new lending activity for now, until such time investors regain confidence in the market and the volatility abates," the report quotes a Vanguard spokesman as saying.

Columbia spokesman Jon Goldstein said the firm stopped lending equity and debt securities but will continue to lend out government bonds that can be shorted.

Meanwhile, State Street on Friday stopped lending shares to investors that wanted to short any of the 799 financial firms. 

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