July 19, 2008
Regarding naked short selling. It is already against the law. Creating a new law that says no naked short selling financial shares is just wrong as it gives the impression that naked selling other shares is ok. Is that what you are trying to do? Naked selling of shares is potentially as large of a problem as the so called sub prime melt down. The police for short selling and those that should be held accountable are the member firms. A simple large fine upon audit for firms that allow this behavior should begin to solve the problem. Naturally, the second fine should be larger and so on. If I attempted to sell short shares which could not be found and loaned, I would be rejected. The reason is, I am not a hedge fund that is holding ransom the member firm with the said or unsaid blackmail, "If you don't do it, I'll take my business to someone who will".. Thank you for finally taking steps to stop naked short selling but I will withdraw my thank you if the attempt is impartial or discriminatory. Either stop all naked and illegal short selling or leave it alone as any attempt to isolate just one group will have the opposite affect that is intended. Thank you . Jerry Falsetto