July 21, 2006
It's about time that legitimate stock sales and illegal naked stock sales are being contrasted, and the delivery of stock after the sale in a timely manner is being addressed. Grandfathering fraudulant transactions was another huge mistake. DTCC has been at the root of all these problems. If the DTCC,(all major brokerage firms) the largest corporation in the world, does not have to deliver certificates in the name of liquidity, then our stock market is destine for trouble. If small companies are the backbone of new job creation in this country, and thousands of small public companies are being destroyed by Naked short selling, you can not turn away from your duties to protect the small investor and the entreprenurial spirit. I'll bet that hundreds of billions, if not trillions of dollars have been stripped from the american economy under this grandfather rules. Under the eyes of the DTCC(Major Brokerage Firms),the SEC(protector of the rules of the game), Hedge funds(unregulated, untransparent wolf packs of the market, designed to kill, not create)Maket makers(facilitators of naked stock sales, with their own set of rules, in the name of liquidity). And may I say that we are catching these rule breakers right now, it seems like every day the SEC fines someone for fraudulent stock transactions, but they walk away after collecting their fee without completing the transaction by making these players buy in the illegal short positions. I have faith of your intention, but am skeptical of your resolve in the largest fleasing of america of all time. I know that America is the greatest country with the greatest finacial markets in the worlds, please make it he fairest and most legitimate markets in the world.
Remove the Grandfather Clause, SETTLE all trades.