September 6, 2006
I am an investor with 20 years experience. I believed in the markets and the SEC, until I became aware of naked short selling. I was appalled. The deeper I got involved, the madder I became. I became pro active. I still am. This action MUST be stopped. It should have NEVER started. PLEASE put an end to the practice. It does NOT benefit the average investor. Most investors are still unaware. If they do become aware, heads will roll.
I call on Anne Nazareth to resign. As former Director of Market Integrity, she is responsible. Initially her reaction was 'it's not a big problem, mainly it's a group of dissatisfied investors, whining because their stock went down.' Of COURSE it went down. Any stock would, when counterfeit shares are created to 'balance' the market. Why have an outstanding share count, if it can be manipulated. I have to settle my trades, so should EVERYONE else. NO exceptions.
I felt progress was being made, then Anne Nazareth was PROMOTED to Commissioner. I felt betrayed. That single act, took the fight out of me. I stopped investing completely. I will not invest again, until this insidious, unfair practice is stopped.
Many outside our country are aware of naked short selling, and are understandably reluctant to invest. We are exposed GLOBALLY here. The integrity of our markets are at stake.
I ask for Congress to appoint a special prosecutor , with a FULL investigation of the SEC.
In closing, I used to feel protected by the SEC, now I feel persecuted by it. Please fix naked short selling, AND the SEC itself.
Steve (Oldepro) Walker