August 4, 2008
The uptick rule should not have been removed. I agree with all of the positions of Gary Markoff's submitted comments (Senior Vice President, Smith Barney- Boston).
Make short positions transparent the way longs have to be, even when they're naked shorts. The investors and company have a right to know if Market Makers have a naked short that can't be seen the way things currently are. Apply this to everything down through OTCBB and Pinksheets because they are important too How are investors supposed to know if there's a short or if the company is printing shares behind their backs, etc.?
Naked shorting to manipulate needs to be stopped in the OTCBB and Pinksheets "On Feb. 3, a man named Robert Simpson filed a Schedule 13-D with the SEC describing his purchase of 1,158,209 shares of Global Links Corp. (OTCBB: GLKCE), 'constituting 100 percent of the issued and outstanding common stock of the Issuer.' As described in a story that ran on FinancialWire on March 4, Simpson stuck every single share of the company in his sock drawer — and then watched as 60 million shares traded hands over the next two days. In other words, every single outstanding share of the company somehow changed hands nearly 60 times in the course of two days, despite the fact that the companys entire float was located in Simpsons sock drawer."