July 22, 2008
Come on SEC. I now have been complaining about 'Failure to Deliver' or naked short selling for years. What is being done about it? The fleecing of American investors is wide spread and I expect it costs us either hundreds of millions a year or billions per year.
Recently, the SEC prevented Fannie Mae and Freddie Mac, along with other financial firms from being illegally shorted. The difference was who ever was shorting had to first acquire the stocks prior to selling them short. Would not that be a long term solution? Do your job You know what is going on illegally for decades and can prevent it.
Wall street and the big firms fleece investors illegally and the SEC is our protection. When it comes to money, no one is trusted. Reform and change is needed Please correct what you have identified is wrong.