August 12, 2006
I am pleased to have this opportunity to express my opinion about FTDs and possible changes to Reg SHO. I have been following this growing financial scandal for nearly two years, as I am heavily invested in one of the stocks that has been on the SHO list almost every day since its inception.
I am convinced there has been literally thousands of companies driven out of business because of lack of oversight and enforcement by the SEC. I am also convinced that eventially one or more of the serious court cases heading for depositions will expose the depths of this problem. And it's not going to be pretty.
I've read through many of the letters already sent and strongly support much of what has been suggested. I'm not going to repeat a list of them here. You know what needs to be done to SOLVE the problem. Just do it.
I'll end this with a final emphasis on the key component that must be included for producing any effective change: Transparency.
All companies must have the right to know who owns and shorts their stock. All investors should be able to know the amount of legal and FTD shorting done on a daily basis on any company of interest to them. This is equitable. This is doable. This is the right action to take.
I look forward to the outcome of your efforts to fix this very serious problem. Fix it now. It will only get worse.