April 1, 2007
The SEC has systematically stonewalled the retail investors constitutional protected access to the commission and by doing so, continues to deny the investing public due process of law.
I have contacted the SEC about serious problems with Reg SHO both directly and through Congressman Visclosky. Each time the SEC has responded with a smoke screen claiming that Reg SHO is the solution and has all the answers.
This is a bunch of fertilizer. The SEC continues to end run the issues with garbage answers and unconscionable practices. Why are all retail investors being denied genuine access to the SEC?
Is the SEC going to continue to ignore the overwhelming number of responses from the investing public demanding change and protection under the law?
What has the SEC done to fully inform the investing public of these problems? Why has Chairman Cox failed/refused to hold a press conference to inform the public? Due process requires notice. Chairman Cox needs to ask the president to hold a joint press conference with the SEC bringing these problems to light.
Please include all other Reg SHO comments demanding change and/or protection under the law as this paragraph.
The grandfather clause, market maker exemption, the corrupt and illegal stock borrow program must be eliminated. All naked short selling must stop and become illegal with both civil and criminal penalties (including mandatory jail time of not less than 3 years). Civil penalties must include provisions to make the shareholders whole again. Fines to the SEC must be inline with the amount of damage inflicted (no more chump change -fraction of a cent per share fines).
There has been no appearance of fairness in SEC practices. The SEC appears to be at the beck and call of Wall Street. Thus there also needs to be a moratorium on SEC employees joining the ranks of hedge funds, prime brokers, DTCC, etc.
It is a huge conflict of interest to put in place SEC regulation that allows Wall Street to reap illegal profits and then allow the employees jump ship to take a high paying jobs and profit from the criminals they should have put in jail. The good old boy system must be put to rest.
A moratorium of not less than 10 years should be put into place.