November 30, 2007
Reminder of your Mission Statement
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
I've read the naked short ammendment from beginning to end several times. There is nothing here that supports the average investor. It states, in basic big bank thinking, "It is too hard to follow the rules so I need continued SEC support while taking unfair advantage of the privte investor".
When the average investor, buy or sells, stocks it takes 3 days for the funds settle. Who is above the rule of the land?
The Canadian's do not have a problem with "Naked Short Abuse/Market minipulation". The Big Bankers can short all they want with the exception that the owners of the shares are compensated for the difference in stock price from the beginning of the "Short Sell" to the time the "Shorts Sells" are covered. Imagine that -- no problems.
This whole mess could be made very simple. Statement - All persons engaged in Naked Stock sales will compensate the "owners of the stock certificates" for the gains made from the time naked sales began until the time the Shorting stops and all positions are legally owned and money settled.
At this moment there are hundreds of stocks under Short selling attacks, violation of the law. Some stocks have been on the naked short list for several hundred days. One over 400 days running.
If the SEC does not enforce the existing laws, what good is a revision.