April 12, 2007
Dear Sir:
I am of the opinion that the continued allowing of "naked short sales" under the guise of "providing liquidity" has gone on far too long. That I and untold numbers of other individual investors are being "bilked" in the market with what seems to be the SEC's approval is unconscionable. That individual companies are allowed to become targets of trading syndicates and their share prices driven into the ground without any other reason than for the syndicates profit using "phantom shares" that cannot be delivered (because in fact, they never existed) is again unconscionable.
I have no complaint against the legitimate short sales of stocks when it does not involve "phantom shares". Legitimate short sales serve a legitimate purpose in finding true value in a companies share price that "naked short sales" could never be equated with and to try to do so only serves to mislead and muddy the waters about this issue.
If the current members of the SEC cannot find it within themselves to uphold the law and protect the interests of the average American investor, then perhaps they should consider resigning
Sincerely,