September 13, 2009
To the roundtable discussion group.
Even when you have and after you have The roundtable on Additional short sale disclosures, pre borrowing requirements, short sale disclosures. The market will still have the loop holes in it that will keep the door open
The SEC has permitted billions, if not trillions, of unregistered and counterfeit shares to be sold in the name of companies by brokers and dealers.
Those shares will never be delivered to ordinary investors, thus destroying the investments of these investors and their retirement savings.
This further dilutes and destroys the market value and stock prices of thousands of companies, forcing them to downsize or go out of business and thus resulting in the loss of jobs for tens of thousands of their employees. In addition, trillions of unpaid tax dollars are not being paid to the government which, if paid, would have eased the tax burden on all ordinary taxpayers and have paid off most of our National Debt
When you have had 30 years to try to get short sale to work you have left loop holes in it or fell short on the enforcement of the laws they have in place now.
So they should stop kidding there self and stop letting the violations, including outright theft, price manipulation, insider trading, and misrepresentation continuo anymore and do the right thing and ELIMINATI of The Stock Borrow Program and end the stock short sale program.
(Whereas): The Stock Borrow Program has not worked for over 30 years
(Whereas): The Stock Borrow Program lets naked short sales (NSS) and failed to delivers (FTD) happen every day destroying our economy.
(Whereas): The Stock Borrow Program has opened the door to let Market Makers, Brokers, and other group who profit from it do so and strip companies and shareholders and this Country of money that they have worked so hard for.
(Whereas): The Stock Borrow Program has defrauded investors of 500% more money than Bernard Madoff. Over the last 30 years and is more massive than any Ponzi scheme.
The Stock Borrow Program has lost more jobs for employees closed more companies and wiped out more 401-ks. Those who take advantage of the failed Stock Borrow Program have seriously manipulated the financial regulators Such as The Securities and Exchange Commission (SEC) has been unwilling to take the appropriate actions due to a conflict of interest.
(Whereas): The Securities and Exchange Commission (SEC) was created in 1934, in the midst of the Great Depression, to restore investor confidence in U.S. capital markets. The laws that created the SEC were designed to ensure that companies selling securities must tell the public the truth about their businesses, the securities they sell and the risks involved. The SEC may investigate a wide range of violations, including outright theft, price manipulation, insider trading, and misrepresentation.
FINRA - The Financial Industry Regulatory Authority (FINRA) was created in July 2007 through the consolidation of the National Association of Securities Dealers (NASD) and the member regulation, enforcement and arbitration functions of the New York Stock Exchange. FINRA registers and educates financial service professionals, writes and enforces rules, enforces federal securities laws, and educates individual investors.
NASAA - The North American Securities Administrators Association (NASAA) licenses brokerage firms and their agents, investigates violations of state laws, files enforcement actions, and educates the public about investment fraud.
(Whereas):It is clear to see what the Securities and Exchange Commission (SEC) and what they have not done to look out for the Investors and companys in this country.
(THEREFORE): In the interests of this Country and every American. We ask that you use the powers of Congress as they where intended for.
And ELIMINATE The Stock Borrow Program stock short sale program.
Make every FDT and NSS cover what they sold over the years that they did not own.
Make this a priority and help eliminate the corruption in the capital markets. You can give all the money in the world at our markets and it will not FIX the problem.
George Fitzpatrick, CEO Blind Co Inc