March 25, 2008
Naked Short Selling (a name given to hide the act of stealing) has become 'visible short sellers theft' to the world in case you are not paying attention.
Most important questions first:
Why do LDK and many many other companies remain on the Reg Short Threshold Securities List ?
Grace periods were allowed to coincide with the new rules prior to enforcement. Understandably for those who may have errored instead of willfully disobeying the law. It is now clear the grace period was abused by those willfully disobeying even this new law put into effect, and instead of cracking down on the criminals by your unenforcing policy the criminals are running up # of companies on the Reg Short Threshold Securities List and also increasing their number of illusive shares in the companies. Do you understand that by a simple act of enforcing the rules you would bring this counterfeit naked scam to a halt and perhaps gain trust in the American exchange by all people and with that trust perhaps bring back Confidence that wall street is not only a one way street where the criminals take all - because they are allowed to - because of your lack of intervention.
Specifically, my community would like these questions answered, as we have invested billions of dollars in companies without the knowledge that you would be so lax in enforcing the laws. As a reminder the new rules you put in place were to make your job easier to enforce and break up this criminal ring, not to be paid to look the other way at the expense of us paying your salary.
Why do the Specialist believe the intent of the law is not relevant?
What are the criteria being used by the specialist?
Is his opinion subject to review?
We are ALL Out-Raged by policies that appear to have no purpose other than to provide Cover for Big Shorts.
Selling Counterfeited or Naked Shares without having to replace them, having Never bought, and No worries they are breaking the law as there is no enforcement is what I see as the inside wall street ultimate counterfeit trap brought to us by wall street power houses and very rich/very devious individuals. These individuals are jeopardizing the reputation and the very existence of the American Exchanges. By allowing this sinister and illegal activity to permeate wall street is a breech of security, integrity, and frankly not acceptable behaviour from a government that uses their 'free' market as an example to other countries to join USA in war to mirror the USA - so they too can model their markets after our 'free' and 'capitalist' society. How in the world do you expect a nation to support USA with criminals in control of our market? In my opinion your SEC grace period granted by the People has expired.
What can we, the People do to get you to take action and do what you, by law, are required to do? There is no time to meet some sort of SEC 'quota' or meet some SEC statistic in order to be processed and acted on. In my horror moments I wonder if you are waiting for the People to jump out windows in order to act, as if so many dead bodies are needed to take action.
Whom really Shares in this counterfeit share outfit ? There is No Sharing because there is No Enforcement. There is nothing paid for something invisible. Does this sound like it should be handled the way you are going about it? Allowing the affects of criminal activity to negatively effect the entire American Exchange and all the people outside the criminal ring? By Not acting you are engaging within the criminal ring, as I see it.
The entire scam is clearly out of control - in your hands, and controlled by the criminals. Foreign criminals are certainly being drawn to the USA to get in on this scam as news is leaked that the SEC looks the other way at the crimes committed against all men outside this Wall Street circle. Can you see this spiraling out of control even further? My community can. So the entire world is aware of this scam you have ignored. And I say that in truth, the only action you have taken is to grant an extension. Our community has concluded that because you are not working against the criminals you are working for the criminals and until you prove otherwise this is our premise we will act on if you continue not to.
These invisible naked shares are not any more legal than monopoly money/without even the trace of fakes. It seems to me the ultimate scam, many others have been hanged, shot, and imprisoned for much lesser crimes.
It is in the Peoples best interest and the American Exchanges best interest that the SEC- STOP this Now.
How you can defend and/or ignore this illegal activity is not a question we expect answered but we do ask you to consider this when you lay down at night for some peace in rest, and then look in the mirror reflection of you in the morning asking this very question. And for God's sake as a govt. official how can you hold America in the spotlight and say to the world "This is what we sacrifice our military men for - to insure This Model of America crafted by Wall Street is emulated by the world. This land where criminals are not punished for their wall street crimes, therefore men opposed to this conduct are. We see it from wall street outsiders view that our soldiers are fighting so criminals backed by a lax SEC enforcement can permeate then cripple their economies too. I doubt those nations will give up fighting against the criminals any more that we will give up until you do your job. If you don't have the guts for it please for the sake of the world, step aside and let someone in who can and will simply enforce the law.
It seems to us - it is in the interest of the criminals to have 'Magicians' at work on Wall Street instead of degreed professionals. We request that you look into the past history of these 'wizzards of wall street' to see if a corrupt history and fake credentials are permeating within this circle of unenforced criminal activity.
In every other country except Canada naked shorting is illegal
so right there is overwhelming evidence that naked shorting is frowned upon in even the most so called corrupt nations. This says very little about USA being a model for 'freedom' and 'capitalism'. We state it the way it is, "USA is a model for corruption by criminal activity while the SEC turns its back on the crime of naked shorting (an excuse for stealing).
We know you have time and resources because we are privy to media accounts of SEC addressing Patent issues, and swift to enforce the laws against those criminals. We are asking you to not be selective in your persecution and include the men behind and openly up front within the naked short theft ring.
This 'Illegal practice' should have never been allowed. Your graceful extension has been met with 'Refusal to Comply '. And this additional 'refusal to comply' and your 'refusal to enforce' has caused more illegal activity, and more disgust for the American model of 'freedom' and 'capitalism'.
I have invested in a very good company called LDK. This stock has been beaten to the ground for the past 3 months by The Big Money without justification. This stock has been on the REG SHO listing for 103 consecutive days with over 8.3 Million shares shorted. Considering that there is a small number of available shares, less than 35 million available to the public, this means that roughly 25% of the overall float is short. How can that be possible? And more importantly, you are ignoring this issue all together. As long as these Hedge Funds and MMs are not forced to cover their short positions, it will not be just companies and individuals that were cheated, it will be the end of the American Exchange.
Is this your end purpose for allowing this horrible practice to proceed? Where every man woman and child outside the criminals circle loses be it a company, job, pension, insurance, money or even their life? We believe you are taking a stand for the criminal, against the innocent. Please take a stand against the criminals and for the People.
Why does the SEC allow this illegal practice to continue?
What ever happened to the basic principle of Free Markets?
How is a company going to be properly valued if counterfeited shares are allowed to be created and transacted with a devastating dilutive effect on these targeted companies?
How do you expect companies, especially start up companies to get financing if they cannot use their stock? Investors invest for that purpose, they invest in others projects they believe in. Investors do not invest to have illusive counterfeit shares destroy value while you do not act on our behalf.
How much more pain do you expect people to take until you decide to take action? Is there a quota for that? You are welcome to use our community to formulate to see such a 'pain' quota has been met.
We request that any investor who is short a material amount of shares should have to file with the SEC just like any investor who is long a material amount of shares must file with the SEC. Why is it that just the large private investors, mutual funds, and investment firms who are long have to disclose their positions? That simply aids the criminal acts of the hedge funds who get to see the 'enemy' and stay cloaked under cover of darkness to work their insidious designs on investors.
Have you noticed that you never see in print positive articles about some unverified rumors pumping stocks but ou get damaging rumors all the time with no reliable sources and then an assault by a naked short play driving the stock down - and they never have to disclose their short position, so no one can check up on the stories and trace the writer's calls and prove collusion and fraud - what is wrong with engaging transparency and accountability amongst the short sellers?
Having rules and enforcing the rules are two different things. If the SEC is going to stop this Naked Short Selling (theft), we want the enforcement of the rule strong enough to end this practice that has been honed over the life of the exchange into this ultimate illegal practice of theft. Another 'grace period' type solution is not going to pacify any of us.
My voice echoes the millions of American and Foreign Investors supporting ENFORCING the rules and addressing these Financial institutions and Individuals that are engaged in this blatant and now visible short selling illegal practice.
Susan Q Henry