May 17, 2009
Dear SEC,
Shorting small companies out of existence is immoral and hurtful to our economy and all of us who care about democracy and fairness in financial markets. Large gangster cabals are doing this with impunity and all you've managed to do is look the other way, or even give them cover. When will you do the right thing? I and a lot of other small investors lost a lot of money because you forgot who you were supposed to be working for. We taxpayers pay for your salaries and expect that you police the markets conscientiously.
I demand this rule be passed, naked shorting must be completely stopped and made illegal. Stop hiding the term naked shorting with the term toxic assets. Naked shorting destroyed CMKX diamonds when it traded, CMKX was a stock that was naked shorted in the hundreds of billions and revoked. At the time of CMKM's revocation, CMKM had 703,518,875,000 shares of common stock validly issued and outstanding.
Furthermore, any shorting of stocks in a times of tragedy like Sept 11, 2001 and in the current financial crisis should be prohibited - do you really think it should be OK for gangsters to profit from collective tragedies?
Ben Bernanke of the Federal reserve along with Mr Paulson in 2008 asked for a 700 Billion dollar bailout. Why? America demands action and more rules to help stop naked shorting and toxic assets and more stringent rules so that the people responsible for causing this banking crisis are not the ones who receive and get to manage and deposit Bailout money back into their crooked bank vaults.
regards,
Scott Wheeler