August 7, 2007
There is no need to make this comment long. In no other profession can one sell something that they do not own, and then never have to purchase. That is exactly what naked short selling is. IIG has been on the the AMEX reg sho list for over 200 days. Its institutional ownership is over 100%. Its short interest is over 70%. And the company is making money. Stop allowing shorts to raid companies under the protective blanket of the SEC. Longs must disclose their postions. Require shorts to do the same. Longs must provide cash to purchase securities. Require shorts to provide securities before they short.
I have located a very nice house at 1600 Pennsylvania avenue. Anyone want to buy it? I am a market maker in houses, so I never need to purchase it, but thats not a problem, because you can still buy it. STOP THE MADNESS AND PROTECT THE AVERAGE INVESTOR.
It is very interesting to note that the two brothers who were recently identified by the AMEX as illegaly shorting stocks, used this same forum to argue that market maker exception should not be removed. ABSURD. PLEASE DO YOUR JOB AND PROTECT THE AVERAGE INVESTOR. STOP THE MADNESS.