May 8, 2008
SECURITIES AND EXCHANGE COMMISSION
17 CFR PART 240
Release No.34-57511File No.S7-08-08
Naked Short Selling Anti--Fraud Rule
Ladies and Gentlemen of the SEC,
Naked short selling must stop. This is not complicated. You must make it illegal to sell something you don't have good title to. End of story.
How can you allow and assist sharks and thieves to sell something they don't own? I am disgusted with the SEC for allowing the rampant trading of phantom shares of stock.
You have hurt the public which you are entrusted with protecting. I expect Congress to soon call for more hearings to investigate the SEC for malfeasance, gross neglect of duty, and a blatant disregard for the public trust as demonstrated in your willingness to provide a safe haven for traders engaged in illegal practice of naked short selling.
If I were a crooked real estate broker I would want you to be the government regulator. Can you please send me Fifty Million dollars for the Brooklyn Bridge? I am currently lending out multiple titles to it to others. However I will deliver good title for it to you sometime in the future, I promise I will. Just send the money now, I want to sell something I don't own. When I get one of the many pantom titles floating around for this bridge I'll send it to you.
I appears to me that the SEC is toothless and in bed with the securites industry. This is seen daily with the long REG SHO list which clearly shows that the SEC is allowing naked short selling with virtually no enforcement of your own rules that REQUIRES shares be promptly delivered from the seller to the buyer.
It is time for the SEC to crack down hard on Naked Short Traders. It is also time for Congress to investigate the SEC.