March 17, 2008
The Naked Short Selling Anti-Fraud rule is something that should be implemented without delay and it should carry the maximum prison sentence because it technically is no different than counterfeiting of currencies which is a criminal offence. Like so many other "proposed" rules I also think the SEC should not be allowed to let this carry on through a so-called "proposal" stage, which is just another way of delaying what is already classified in law as fraud and is a criminal offence under the same category as counterfeit currency. Since it is already a criminal offence it should and must be dealt with immediately as criminal law demands.
Immediate action is demanded by all and this is not something the Chairman of the SEC should be treating lightly. By law the SEC is breaking the law even asking for comments when it should be acting immediately as criminal law already dictates. This is committing fraud and a criminal act and allowing it to persist even for a moment only shows the SEC breaking the law by allowing it to persist. It is the SEC's duty as dictated by the legal powers that created the law to enforce this as a criminal offence without delay. The SEC's duty is to enforce the law as it stands without question. They know the law and by not prosecuting to the fullest extent immediately are aiding and abetting in the crime.
Too many innocent investors have already suffered as a result of this illegal practice. The United States of America has also had to pay the price as most of the proceeds are illegally drained into off-shore havens and without any tax consequences to the perpertrators in what is in reality also a criminal offence called "money laundering" into the trillions of dollars. The SEC is, and has been allowing another criminal act with full knowlege of the act.
These acts are allowed because of certain very wealthy individuals and groups, financial institutions and certain other secret organizations that pull the real strings from behind the scenes. This is outright theft from the millions of men, women and children who built and continue to build the United States of America and the fortunes of the wealthy are taken out of the back pockets of the needy people who built this country. Is that justice? Do these wealthy power groups sleep well at night knowing what they are doing to the American people. Yes, they do because they don't think or care that anyone knows they just robbed the American people who work day and night just for survival while they wallow in their riches and the word survival is not even in their dictionary.
The American people are demanding that action be taken now. The American people as a whole are beginning to stand up and unite, and amongst them a leader must and will be born.