July 25, 2008
I would just like to say that naked short selling is hurting this stock market in a time of the housing crisis in the United States. Currently there are many stocks out there that have been succumbed to naked short selling and have been on the Regulation SHO list for many days with "failure to deliver" shares.
An example of this is LDK. They have been on the Regulation SHO list for over 6 months and currently have over 15 million shares short. Recently SEC chairman Cox proposed making naked short selling illegal to financial companies but I would like to see this be extended to all stocks in the market. I know many people who lost their hard earned money to the institutions who are manipulating the market for their own gain.