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Fixing the Stock Market’s ‘Clogged Toilet’ Starts in Delaware

Patrick Byrne may finally get his vindication.

The chief executive officer of Inc. has fought for a dozen years against a market abuse called naked short selling, where investors bet a stock will drop without first taking the required step of borrowing shares. He says it was used back in 2005 to drive down his company’s stock, an episode that spurred a Securities and Exchange Commission probe and set Byrne on a crusade to improve accountability in the system that underlies U.S. stock ownership.

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