Does Naked Short Selling pose the same sort of systemic risk as MBS?

The linked presentation is a sobering investigation of the practice of naked short selling.  Naked Short Selling (NSS) is the practice of short selling a stock for which the seller has not borrowed shares to cover that sale.  When this state perists past the statutory time limit, it is called Failure to Deliver. These so-called FTDs could in some ways be considered conterfeited stocks.  After doing some research prompted by reading an entry on Slashdot.org. I wonder after reading up, and watching the below if the next shoe to drop in the financial turmoil that is occuring will be this.

via Darkside of the Looking Glass full.

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