August 14, 2008
The SEC needs to remove the locate loophole and require a hard borrow, and eliminate the abusive market maker exemption - then it wouldn't need to do anything more but enforce the laws already in place. The entire financial system is collapsing and all the SEC seems to be able to do is put more "proposed" rules out for comment. If the SEC enforced the existing laws on the books, there would be no need for new emergency actions.
This whole mess that the SEC has created over the past 10 or so years is making me seriously very sick. The SEC, in my opinion, is clearly protecting only the big financial firms and ignores enforcing the rules already on the books that are supposed to be protecting the common average Joe investor like me.
Why is it ok for anyone or any entity to counterfeit shares of stock? This is clearly against the law in anyone's right mind. Why do we need more proposed rules? Someone must have the power to stop this wild ride? They need to step in and do it now or this ride will be over soon for all of us. We need to return our markets to some form of reason and sanity.