June 17, 2011
Thank you for allowing me the privilege of commenting on the feasibility, benefits, and costs of required reporting in real time, publicly or, in its alternative to the Governing Security administration, all short sale positions of publicly listed securities.
Short selling must and needs to be revisited and reevaluated against its intended purpose The abuse of short selling has and is running rampant in today's large Investment and Financial Corporations.
The corruption of big brokerages similar to [Name withheld], is as in example, an absolute cancer to this great nation. Computers alone, are ruling the roost.
Additionally, "Large" financial institutions should not be allowed to "short" stocks and then fail on the delivery of shares. I can cite one personal example of waiting for 4 days for my purchase to execute. During that period I lost a significant "Sell" opportunity.
Our current administration is essentially allowing market makers to "trade counterfeit or naked shares". One must consider the fact, that we do not criminally investigate and/or prosecute "short sellers and financial institutions" who fail to deliver shares in a timely manner.
Failing to deliver timely must be monitored. Penalties need to be extreme and swift for those who fail to comply.
Its superfluous to say that Investor confidence is at an all time low. Prices of stocks are easily manipulated by "market makers". I sit and watch on a daily basis the erosion of gains made to a Computer "Short Sell" slide. It's not uncommon to lose 70% of the days Market gains.
I sincerely hope that your office will seek to make the Market a fair and honest business place again. People will start to invest, if they know they have equal and fair playing fields.
Thomas A Gorka