July 19, 2006
I will make my commentary brief since you already know what a dismal failure Regulation SHO has been.
Thousands of honest hard working investors have had their pockets picked for years while the SEC winked and looked the other way. For the SEC to even consider allowing fails to be grandfathered was ludicrous and you all know it. To have a Commissioner suggest in the press that the only reason investors were complaining about naked shorting was because they wanted to see the value of their investments rise was equally vacuous.
The fact that the Senate Banking Committee has refused to conduct hearings despite being inundated with the complaints of thousands is also telling and shameful.
You have allowed the fox to guard the henhouse for years and no one should be surprised at the results.
Will the amendments make a real difference or will the wording be changed guttings the effectiveness because those who have been raping investors for years are not happy?
Who is going to enforce SHO and will the penalties be more than a slap on the wrist and a promise not to do it again? I am but one of thousands of investors who is angry
and annoyed at the work product produced by the SEC over the past several years. You have earned an F from my perspective and the nepotism exhibited to the industry has been all to evident.
America and the world will be watching to see if you finally do the right thing. You changed your mission statement recently I hope you have also changed your mission.
Alan S. Cameron