May 24, 2011
Short selling should be completely abolished on US stock exchanges. If not abolished completely, the uptick rule should be reinstated.
It is common knowledge among small retail investors that illegal naked short selling is rampant on US stock exchanges. The SEC has been flagrantly delinquent in enforcing the regulations regarding naked short selling and stock manipulation by short sellers.
I have personally sent volumes of information and complaints on this topic to the SEC, the Office of the President, and other government oversight officials. To date, I have received no serious action on this subject. Office Bob Greene, with the SEC, was supposed to review a significant amount of material I sent to him and the SEC in the matter of ONP and "Muddy Waters Research LLC". As far as I know, nothing has been done in that matter.
Many sophisticated investors in emerging market stocks are now moving their investment monies to the east Asian stock exchanges, such as HK and Shanghai, due to the poor regulatory oversight of short seller scams in the USA. I am also in the process of moving to the offshore exchanges since they limit short selling and they absolutely do not allow naked short selling.
The USA will wake up, once again, when emerging market investors have moved their funds to offshore markets that are better regulated than US markets -- just like our manufacturing jobs moved offshore.
Respectfully yours, Harry T. McNamee(Attached File #1: 4627-86a.pdf) (Attached File #2: 4627-86b.pdf)