March 28, 2007
I cannot begin to express my outrage that you are even asking for comments on rescinding the granfather clause. The SEC implemented this illegal exception to the rules which has been more than obvious to not be in the best interest of shareholders around the world. The grandfather clause served only to assist and protect the criminals in the securties market. The SEC is complicit in this corruption and criminal activity as a result. The grandfather clause should be eliminated now, without further discussion or comment.
The SEC knew what was going on with naked short selling and failed to act to protect investors. The SEC, until only recently, denied ANY naked short selling was taking place, going so far as to blame the investors themselves for wishing their shares were trading higher. A gross cover-up has taken place and a full congressional investigation into the SEC's part in this cover-up should be initiated immediately.
The SEC has a proven history of acting in the criminals favor and should be gutted from top to bottom. Charges should be filed against those who ignored, or even assisted, in the enormous corruption of the securities industry. Hundreds of billions of dollars, if not trillions, have been lost by investors because of this corruption. Like a cancer, it permeates every aspect of the securities industry.
I, for one, have had enough and intend to get out of the securities market as soon as I can. I have lost all faith in our government and those who are appointed to manage and monitor the securities industry. The corruption is so pervasive that nothing short of tearing down the SEC entirely will suffice in rooting it out. The damage done and degree of corruption, if it was truly known, would send shockwaves through the entire world's markets and bring the American economy to the edge of a precipice.
You can count me out of the securities market from now on and I encourage every other investor out there to consider doing the same. Your investments are not safe and are exposed to the whims of the financial terrorist operating in our country.