April 29, 2008
By creating shares that don't exist, naked shorting is no different than identity theft or currency counterfeiting.
Short ratio of CALM has reached 107% of total float as of today. CALM has been on the SHO list forever. This tells SEC how effective SHO is. It is nothing more than a joke.
If you do not expect identity-theft and currency counterfeiting to correct themselves, how do you expect naked short selling to do so?
Without real actions from SEC, this crime would never stop.
It seems to me that SEC's no action, together with numerous loopholes in the system, are serving as an invitation for crooks, organized crime groups, or even terrorists to cheat billions of dollars out of our financial system - America is counting on the SEC to stop it.
Please take the long overdue actions.
Sincerely,
Gary Thomas
Florence, South Carolina