May 9, 2009
Whenever the shareholder owns more than 5% of a class of the company's securities, he or she must file a report of the transaction the SEC and this information can be available to public. However, when the shareholder shorts more than 5% of a class of the company's securities, he or she does not have to report anything to the SEC and the public has knowledge about this information at all, which we retail investors want this 13D rule to be modified to mirror both sides. Hope the system will carefully review on this issue and also pass the uptick rule to avoid massive short and naked short selling when a company has a bad news. We saw hundreds stocks went down more than 90% of their 52-week highs because of massive short selling and naked short selling. Naked Short Sellers are very Cruel and they should be tracked down and face RICO charges.
God Bless Wall Street and America!
Ivory Lee