In 2007, Emmy award-winning investigative reporter and broadcaster, Gary Matsumoto, received an Business Emmy nomination for his program “Phantom Shares. ” It was only the second time in the history of Bloomberg Television that the National Academy of Television Arts and Sciences honored the network with a nomination. A finalist for “Outstanding Investigative Reporting of a Business News Story–News Magazines and Long Form,” Matsumoto’s investigation examined the practice of “naked short selling”–selling stock without delivering it, in some cases, for years. Small public companies alleged that hedge funds were naked short selling in order to drive down the value of stocks for profit. Hedge fund managers said naked short selling was the a harmless and unintended consequence of poor Wall Street bookkeeping.
