March 29, 2007
Reopening, or extending, the comment period on REG SHO is nothing more than bureaucratic stalling for time; it is a non-action. The question becomes: Time for what? For more individual Americans to see their retirement savings savaged by unscrupulous miscreants on Wall Street that daily take advantage of REG SHO's illegal "grandfathering" exception? For more small businesses' value to be determined not by their inherent value but solely by market makers that are printing shares of stock out of air on a daily basis?
What the SEC is doing by its continued stonewalling on the massive, terroristic abuse of our financial markets through the failure to deliver items that are sold is to deny that all men are created equal, a concept stated in some musty, old document that is lying around somewhere. Instead, Wall Street professionals are created to be more, and the average American seeking to enhance his or her financial picture is created to be less.
By twiddling its thumbs on REG SHO, the SEC shows clear favoritism toward those who would destroy the value of companies as opposed to those who would build their value. How perverted is that?
The SEC is in violation of the law as long as the "grandfathering" clause of REG SHO exists. Yes, you are lawbreakers at this time. And, you are in collusion with a sector of society whose seeming goal and purpose in life is to destroy, not to construct, except for their own ill-gotten gain.
Get rid of the "grandfathering" provision and the market maker exemption from FTD rules. No delivery within the normal time it takes for trades to settle, the deal is null and void. The liquidity excuse Mr. Cox, Ms. Nazareth and their accomplices put forth on the market maker exemption is nothing more than absurd farce. End these abuses now and quit being a joke.