July 21, 2006
I strongly support, as a first step, the proposed amendments, and would encourage you to quickly and decisively act to enforce them, while exploring additional ways to stop the illegal and rampant market manipulation, evidenced by unbridled naked short selling, that is harming investors, particularly small investors like myself, and will further damage the integrity and future of the entire U.S. stock market, as investors worldwide tire of watching their hard-earned investment dollars and retirement funds disappear to unlawfully benefit those who prey on the U.S. stock market with impunity. I am still perplexed as to why the SEC intially grandfathered-in what was always, to my understanding, illegal activity to the detriment of long investors. Did you really think that those crooks and terrorists who made countless billions by "counterfeiting" unlimited numbers of shares and killing small companies, devastating countless thousands of small investors, would finally play by the rules once forgiven of their past crimes? I have lost hundreds of thousands of dollars, including most of my retirement funds, primarily by investing in companies that became victims of naked shorters. Many of these companies have folded, rewarding the criminals, but several are still fighting and I am fighting with them. I will gladly share with you or with members of Congress details of my personal horrific experience. Current SEC rules and "enforcement" allow naked short selling criminals, and their market professional partners, huge gains with little cost and little risk. Few crimes are so lucrative or protected. Please begin acting as the protector of investors and the integrity of the U.S. equity markets, and not as the protectors and enablers of criminals who arrogantly prey on unsuspecting investors and companies with impunity and indifference. Thank you.