September 11, 2007
The SEC has long been in a position of supposed enforcement of a "fair" market. Unfortunately, the SEC has chosen to protect its own backsides with a convoluted assortment of regulations which provide all the loopholes needed to assure that only the large brokerages, hedge funds, and the wealthy are protected. There has been no protection for the middle class investor who has put hard earned money (not trust fund baby $) into a corrupt system.
The series of nods and winks that the SEC and Wall Street has always given each other has got to stop. This proposal is a beginning, but still more has to be done to assure a truly fair market.
I am an investor in a stock, CMKX, which was sold into the trillions of naked short shares. This has been documented by a cert pull. Through the entire trading process, money was being made by everyone except for the investors. To confuse us, we have been told at various times that our management was crooked, that we own claims in mineral rich Canada, and that our settlement check is in the mail - we know we are being stalled, and we are reaching the end of our patience waiting for final resolution.
This legislation amending SHO is needed as a start to clean up the market. Additional legislation with real consequences will continue to be needed in order to affect a fair market. In its present form with its present leadership, the SEC is not up to the job. The time for comment on this regulation is over. It is now time for definitive action.
I am a schoolteacher, and every day I do something to try to make this country better. I invest my efforts to improve the society I live in. I am angry at the obscene bonuses given to Wall Street execs who have done nothing except to line their firm's pockets with the hard earned dollars of investors like myself. Naked short selling is counterfeiting, pure and simple.
There is now a very real problem for the SEC, Wall Street, hedge fund managers, and special interest groups - and that is the internet. The internet has allowed investors to gather together for support, to exchange information, and to begin petioning for change. We will not stop now or ever in an attempt to right the financial course of our great country.
To all SEC employees: If you cannot perform your duties as bound by law, if you cannot provide enforcement of those who need to be prosecuted, if you cannot protect us from those who are involved in the illegal manipulation of our market system, then you need to get out of public service because you are no longer serving any of your fellow Americans.
We are here. Get used to it. We are not going away.