June 27, 2008
I am amazed that in reading the previous comments almost every one said the Commission should enforce the Rules already on the book. These are criminal actions and not enforced.
As an investor, as I read this proposed new rule, I am wondering "Who is looking out for me?" Do we have another Enron case on hand enhanced by the apathy of the Congress and the Regulatory enforcement agencies of the Gov't?
Of all the comments I have read, (at least 15) every one made a comment as to the fact that there are rules on the book which could help prevent this naked short selling which are not enforced. Is there no shame at the SEC for not enforcing the rules or getting the Justice Dept. involved? You obviously must know the Hedge Fund/Broker Dealer violators know you are not interested in enforcement and then they turn on fleecing the individual investor.
I know that I am being unreasonable but I am an old man investor and I have always believed there was honesty and integrity in our gov't. After reviewing the "Sub-Prime, CDO, SIV mess which is destroying our markets and economy I get pretty hot. Please forgive me but I suggest Testosterone injections for the whole committee.
Ben G Fay