March 14, 2007
March 13, 2007
Subject: File No. S7-12-06
The Honorable Christopher Cox Chairman
Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
I just viewed "Phantom Shares", A Bloomberg Special Report on so-called naked short selling, the counterfeiting of commercial securities.
Mike Schneider and Bloomberg are to be commended for having the courage to release this fine report to the public when so many other media outlets have failed miserably in doing so.
On July 31, 2005, after waiting two years for GE-NBC Dateline to air their report on naked short selling, thousands of Main Street investors were insulted by Dateline's ten minute report. We viewed GE-NBC Dateline as a sell-out and disgrace to all law abiding citizens with retirement and discretionary investment capital in the US market system.
Today, a courageous Bloomberg reporter, Mike Schneider, presented the piece we have been looking for.
We have been looking for a courageous and competent mainstream media outlet to accurately report on this issue, instead of covering it up to cater to the Wall Street elite, a badly broken Securities and Exchange Commission, and an impenetrable shroud of secrecy at the DTCC.
I am certain Mr. Schneider received many calls suggesting that he scrap the story. Unlike Dateline NBC, Mr. Schneider and the Bloomberg organization had the integrity to forge ahead. He did not delay the show five times, then release a toothless watered down ten-minute capsule that seemingly protected financial terrorists from the American Public. Clearly, Mr. Schneider is a true American Patriot.
Chairman Cox, I highly recommend you view this report from Bloomberg. I am concerned that thousands of citizens like me have reviewed hundreds, if not thousands, of documents that point toward the highest level of financial terrorism in our US Markets, yet you seem to be unwilling to resolve the problem and send the criminals to prison.
The SEC is your ship now. The honeymoon period is over. Your predecessors sat on their hands for years while this crime spiraled out of control. A child could read the comments on the proposed revisions to Regulation SHO and determine there is something seriously wrong with market operators stealing from citizens while the Chief regulator sits on its hands.
In an age where cowards flew aircraft into buildings, killing thousands of citizens, we have a handful of cowards on wall street stealing our citizens blind without so much as a slap on the hand.
Chairman Cox, I mean this with all due respect and sincerity. You need to act now and finally rid our markets of this financial terrorism. You know who the criminals are. Everybody does. It's time for you to stand against crime. Stop the God Damn stock counterfeiting now.
Red Blooded American against financial terrorism
Mike Schneider, Bloomberg
Mayor Michael R. Bloomberg
New York, NY 10007
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