March 30, 2007
TO THE SEC: GRANDFATHER CLAUSE
Subject: File No. S7-12-06
Due to the fact that some sec attorneys in influential positions have turned a blind eye to, protected, and ultimately reaped the benefits from illegal naked shorting for decades is so obvious that presently, implementing something as ridiculously simple as enforcing the existing law is a mystery it requires a public hearing and debate. Gee, should this country follow the common sense of the rest of the world regarding fair stock delivery requirements or let just criminals and terrorists steal without limitation? Permit me to add my public comments
So, lets return to the elimination of the Grandfather Clause from RegSHO. Should it be eliminated? Should the naked sorters have to cover their illegal counterfeit sales? NO KIDDING In case some SEC attorneys fell asleep during constitutional and criminal law classes, to permit past naked shorting to stand as valid shares would be not only be putting the governments rubber stamp of approval on counterfeiting, but it violates the Constitutions Inverse Condemnation/Takings Clause, the Contracts Clause, Fundamental Fairness of the Due Process Clause and a host of others.
To validate the past naked shorting with permitting the Grandfather Clause to stand would be like having 9 other fraudulent sellers give fake deeds to my house only to have the government validate them and tell me I now only own 1/10th of my house Its not fare to me or to the 9 others that bought my house so the elimination of the Grandfather Clause from RegSHO is a good thing.
Do you realize the extent of the damage that the Grandfather Clause has done? It has permitted the theft of tens, if not hundreds of trillions in wealth from Americans and others, causing homelessness, hunger, despair and more. Right now, is the time to take back control of the market from the criminals and you might look at ways to stop the stock barrow program and shut the door to the criminals that are in control.
Dont turn a blind eye to this, as so many others have done.
Please note the Bloomberg Articles on this subject Phantom Shares,
A Bloomberg Special Report on so-called naked short selling, the counterfeiting of commercial securities.
Bloomberg News Special Report: Phantom Shares by Mike Schneider
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vIrfhgQPAJ1s.asf
Jim Cramers comments on how Hedge Fund Managers have been able to manipulate the market for their own self interests.
Cramers discussion at TheStreet.com on methods used to move a market as a Hedge Fund Manager:
http://videoplayer.thestreet.com/?clipId=1373_10329438channel=Cramer+On+Demandpuc=ts=1174703620143
George Fitzpatrick
Blindco307