April 20, 2007
The SEC has allowed wholesale manipulation of, and an attendent loss of confidence in entire sectors of the US stock exchanges by turning a blind eye to the practice of naked shorting. Where else in the economy are people allowed to sell things that simply do not exist? What chance does any company, any small investor have against people who can sell literally an unlimited number of shares and do so with impunity? I paid for my shares and when I sell them I have to produce them. Why are the rules not the same for all? So much for a level playing field, so much for an orderly market, so much for the SEC.