April 4, 2007
It is obvious to me that the Grandfather nonsense needs to be removed.
Systemic abuse and blatant Naked Short Selling have cost the average citizen billions of their hard earned, much needed dollars. We had faith in the system. We believed that it was regulated and that the risk was solely in the performance of the companies we invested in. The SEC has let us down and is attempting to hide their tracks.
In addition to clearing up this grandfathering of FTD's, I'd suggest terminating the employment of any SEC official who touched any document relating to it's initial introduction and passing.
One would not grandfather murder, larceny, counterfeiting, assault or any other type of crime.
Why even consider forgiving all previous stock counterfeiting crimes?
Clean up the system. Do the right thing.
Don't be swayed by the whining from within the deep financial bunkers of our trading system. Make them pay for what they have knowingly done.