July 8, 2008
To those in positions of decision making,
REG SHO is not working because if it was, my investment in a company that was naked shorted would not have been completely lost. I hold your offices accountable for this abuse and theft. Who is regulating the regulators and why are you allowing this to continue for so many years? Why would you even consider allowing any room for this abuse to continue? It makes no sense at all that there has to be a comment period to determine whether or not a theft is illegal? Isn't the protection of the investor your primary role? I fail to relate to the question. It is so clear and straightforward. All trades should settle within 3 days or be reversed and that should stand for everyone. Sadly, the average investor has no idea that this isn't already the case. If you really want to hear true public opinion, run a full page ad in the New York Times defining naked shorting and phantom shares and then refer them to the numbers of fails to deliver on a daily basis along with companies on the SHO list and see what kind of comments you get then. You'd have to open up another agency just to read all the responses.
Why has there been so many upper level resignations in the SEC over the past couple of years? Why did Mr. Gary Aguirre, an ex-SEC attorney have to testify to Congress about the terrible things happening under your roof.
I am saddened and concerned that the country I brought children into is against them..and their financial prosperity. Bankers, hedge funds, brokers and regulators are trampling on the american investor, the small business owner and basically the entire economy. WHat a man sows, that shall he also reap. I think that is the only comfort in all of this, that someday the God in whom we supposedly trust as a nation, will at some point turn over these money changers tables and when that day comes I would not want to be in their shoes.
We missed our chance in America to turn this ship around by not supporting Congressman Ron Paul in the presidential election. I look forward to his continued work in congress as he holds the likes of your agency and the Federal Reserve (the head of this monster) accountable for financial crimes against the american public.
I implore you as a tax payer, an american citizen and an investor to stop this train that is speeding down the tracks and do the right thing for a change. A person can steal a can of soda in a grocery store and be in jail the same day, yet you question whether you should allow opportunity for market manipulators to continue to defraud the American investor by stealing their income that is invested in the markets. What we really need, after closing all loopholes and demanding settlements in 3 days, is a return to justice and all responsible parties thrown into jail.