May 24, 2007
Why is it that nake short sellers can have a failure to deliver of shares for extend periods of time and not ever be held accountable for delivering those shares? Does this mean that If I have shares in a company that has been "grandfathered" that its ok for those who fail to deliver to be left alone? What happens when I go to sell those shares and the broker says, I can't sell them because I don't have them (ie, they were never delivered)
If I'm unable to sell shares I've purcahsed because my broker says I don't have them even though I have records showing they took my money to buy them and hold them on account, then what am I to do????
I really don't understand why the system of checks and balances encourages basic accounting of shares and transactions to be out of whack. As a shareholder of a company who's shares supposedly have been shorted illegally and then failed to deliver really puts to question the integrity of the system. Its time to life the Grandfather clause and allow the system to get back to normal.
Please lift the grandfather clause so the system can get fixed and thus work as originally designed. The IRS closes tax loop holes to collect more revenue. Our finanical systems should do the same to ensure integrity and posperity for all.