July 30, 2008
Naked Shorting is a criminal act essentially creating stock out of thin air. It is an abuse that is destroying the capitalization of Amercian companies. Much of the USA's new real wealth comes from new company start ups. They begin with little more than an idea and a few investors having the American Dream. But now Naked Shorting has become so pervasive and that is hurting the capital formation of new companies and by extension the USA. It also strips wealth from the pockets of investors much like strip mining destroys the productive layer of the land it rapes. Naked Shorting is a long term cancer that needs to be wiped out as quickly as you can act. Please, enact severe criminal and civil penalties for those that practice this rapacious act.
Thank you.