New York Attorney General Andrew Cuomo is launching a probe into short selling in the financial market, which many have blamed for steep stock losses at
this week, he said Thursday.
Cuomo said in a conference call that while short-selling is legal, his office had received complaints about false rumors being spread -- which is not. He said the
Securities and Exchange Commission's
does not go far enough, advocating a ban on short-selling of financial stocks altogether during the crisis.
The U.K.'s top financial regulator on Thursday did issue a temporary ban on shorting financial stocks, which will run through Jan. 16.
Cuomo also said he would look into possible illegal short-selling that may have played a part in
American International Group's
collapses this week.
filed for bankruptcy Monday, while
agreed to a
This article was written by a staff member of TheStreet.com.