April 8, 2009
Hello, and thanks for reading this email.
I feel that short selling should be legal and the up tick rule is probably a must but NAKED SHORT SELLING should NOT be legal at all.
If no one will buy what you don't have to sell you just don't get to sell it.
That's like me selling my neighbors house and hoping they have to move so I can buy it at a discount to unload for a profit. Its not mine to sell but who will pay for it in advance. Oh nobody because I don't have a buyer. I just want to sell it. Let me make up some paper work so when or if all this happens I can exercise my sell and buy. Wait this sounds like options.
Maybe I'm just a dumb country guy that don't mind someone selling a stock I own that they want to sell and not have a buyer for until they run it to ZERO. NOT! It is just plain stupid for the SEC to even allow such a thing to happen.
I get a email that states which stocks are on the naked short list. If I can get that information it would seem that the SEC could get it also and fine the ones doing this or fine the ones allowing it to happen.
Sorry if this subject gets me going but it needs to be addressed.
I hope that you can fix the problem. I know that Wall Street will lose commissions and revenues will be lower but it should make the playing field even. How can you hit a home run it you don't get the ball thrown where you can hit.
Thanks Again
Best Regards
Olin M Chamberlin