March 27, 2007
The extension of the comment period relative to the elimination of the grandfather clause is additional proof that the SEC remains a puppet of the banking industry that controls the world financial markets. It is my personal belief that an extension of any amount of time will not be sufficient to accumulate as many votes in favor of maintaining the status-quo of the grandfather clause as you already have votes that the grandfather clause is a violation of Federal Law and has been since the day that the SEC made it a part of the original implementation of REG SHO.
It is inevitable that this clause will, at some point, be eliminated and it will become necessary for every share of stock sold on American Markets to be delivered to the buyer. I did not put my life on the line in the military to serve a country that will allow the country's financial market institutions to abrogate their role of protecting the citizens. This relates to the SEC and the Congressional Committees that oversee that and other SROs. Any Public organization that operates only to serve its own ends does not pass the smell test. An old phrase in the construction industry goes something like this: At some point we need to shoot the engineers and build the dang thing. This is certainly appropriate to this situation. We are rapidly reaching the point where we need to shoot the engineers, bite the bullet and fix this out of control financial market.
Is anyone really in charge of this run-away train? If anyone is in charge, please stand up and identify yourself. Where does the buck stop? If you are in charge – do you have the authority to fix this injustice? If you are in charge and you have the authority to fix this injustice and you fail to act in that capacity – the injustice becomes that you are allowed to continue to serve in your position of authority. You need to realize that the American investing public is not totally stupid, has been extremely patient and very understanding of the difficulties of the daunting task that you have had to fix there problems, but their patience is not infinite. Anyone not actively engaged in fixing this problem is, in fact, a major part of the problem. Anyone who supports any further delay in bringing this problem to a conclusion by eliminating the grandfather clause is also a part of the problem, IMO.