March 27, 2008
I listened to chairman cox that day when he was in front of the senate banking and finance committee, and i could hear the anger in his voice about naked shorting, especially when he mentioned..fraud..fraudsters...broker-dealers..marketmakers, and then again..fraud and fraudsters.
the anger was there and mr.chairman, here is a simple solution. you lay out to congress and change the law with the penalties...20 million mininum fine, 50 mil max, automatic 20 years in the federal pen..NO EXCEPTIONS.
I guarantee you, you will see naked shorting stop pratically overnite, noone will want a 20 to 50 million dollar fine, and 20 years looking outside of a federal prison.. automatic..
get some backbone Mr. Chairman, hit them where it hurts.. money and freedom taken away.