May 4, 2009
When I open my account , the broker ask me to sign a lot of papers but NEVER ask me to agree or not , to borrow my shares to a short-seller .
If my broker would ask , I would say absolutely not .
So my broker is borrowing my shares to short-sellers without my aproval . I do not care that the shares are back in 3 days , is still stealing .
So SEC should make illegal this borrowing without aproval from owner .And SEC should make illegal this borrowing from all retirement accounts or mutual funds who invest 401k money like CALPERS for exemple .
With this modern technology , computers , all the brokers should report to SEC every day or at least every week the number of shares available to be short -- shares that their owners agree with the borrowing to short sellers .
And SEC should inform NASDAQ and NYSE about the total number available for shorting for specific companies and prevent the posibilty to short more that is allowed .