May 31, 2008
Question for SEC. How will SEC stop bear raids with massive naked short selling that is initiated with bad news for the stock and when the selling frenzy is on by the panicking general public, cover with a nice profit by naked short sellers all done in a MATTER OF HOURS? Because the massive naked short selling is initiated and COVERED after the stock is sunk these crooks will go undetected. But the damage to the stock is done for the next 6 months. Most commenters here that have lost money will agree about this experience. Unfortunately SEC is not a participant and a looser in the market place by these illegal naked shorting practices and so they will NEVER UNDERSTAND THE PAIN.
This is for the victim commenters. Assuming SEC's final rules will fall way short of fixing the problem of naked short selling what should be the next move?
- Should SEC be merged with any other Federal department and hope that department will fix the problem?