July 24, 2008
"Naked Short" selling is a manipulative-tragedy in the financial markets, and the abuse must stop. The current naked short rules are entirely inadequate. There should be no MM or foreign dealer exemptions, as these individuals are probably the biggest abusers. Claims of illiquidity by options dealers are inadequate arguments if liquidity can only be maintained via naked shorting that results in abusive and fraudulent manipulation. No compromise with the primary abusers. Equal protection under the law for all securities, not just a few privileged financial. Look what has happened over the past two weeks with Chesapeake Energy shares as the Naked Short Selling has collapsed the natural gas sector.
The market is no longer for investors,...the market has become a gamblers haven.
If you believe there will be inadequate/shortfall of Social Security payouts available to our retirees in 25 years, think about what will occur as the once disciplined investors stop investing in the markets and begin hoarding their assets in cash.