May 9, 2008
Dear Mr. Cox:
I start with the following I believe to be irrefutable premises:
Failure to deliver/AKA naked shorting is nothing less than a common variety fraud clearly prohibited by the SEC Acts of '33 and '34 and the Uniform Commercial Code as well as various state laws.
It has been the financial weapon of choice in the bankrupting of hundreds of smaller typically start-up but increasingly larger companies.
It has caused severe financial loss to thousands of investors.
It has caused a loss of faith in American financial markets and no doubt has led to investors and companies opting for overseas facilities.
I have witnessed the four year dilly-dallying of the Reg SHO Sham and continue to wonder how and WHY the SEC can- by continuing to "fine tune" the Reg- effectively legitimize market actions the Congress has outlawed (?).
The metaphysical hairsplitting the SEC is pursuing would be comical were it not tragic. Who cares as to the "intent" of the the (naked short) seller? Whether his intentions were pure as the driven snow or blatantly fraudulent from the get go, MAKE HIM DELIVER THE SHARES (Exclamation point)
It is not to late to take a bold step of REFORM, meaning not only the markets, but the SEC as well.....