May 1, 2007
Naked shorting is a despicable practice that should be purged from securities trading. Numerous studies undertaken by reputable academicians and others confirm this conclusion.
Any brokerage that engages in, or allows, naked shorting should be compelled to document the alleged reasonable business necessity meriting the action. Failure to timely file such reports (with contact information and appropriate evidence of a corroborating nature) should be penalized severely.
Why has the SEC been sitting on its hands for years on this issue?