July 9, 2008
I am also cmkx shareholder like your example B letter.
I have been following the regulation sho and grandfather clause for years already.
I can not believe that after all these years you have not done the right thing and that is close the loopholes on illegal naked shorting.
Close the loophole already, get rid of grandfather clause.
It is not possible that after all these years and all the data you have you dont know what naked shorting does to companies and shareholders.
This is beyond a bad joke now, its unbelievable nightmare seeing you reopen this comments page, after I and many other shareholders waited all last year from the summer into end of November for the last comments period to be over. Which should not have been necessary even at that time. You have had the data and knowledge for years how illegal and damaging naked shorting is to the markets.
Naked shorting damages all shareholders in the market, damages the companies and only ones to benefit are those market participants that sell non-existing phantom naked shorted shares of equities.
So this problem lingers for years.. and only adds to addition of more illegal sales of non-existing shares of companies.. sold to the public by market participants..
If this was dealt with right away it would not be this bad.
But not addressing the issue even more.. denying that the problem existed for the longest time only added to more damages to all shareholders in the market and especially to those shareholders who invested in companies that were maliciously targeted.
However.. although we have seen delay time and time again for SEC to act in correcting this problem and enforcing the corrections, we did see that Uptick Rule was taken out real quick.
How come Uptick Rule did not take such years of comments to be nixed, like the grandfather clause is taking ?
So while you are at it, if you are serious at all about these issues bring the uptick rule back as well.
Allowing the naked short loopholes to go on and in the same time taking away the Uptick Rule was like a slap on a face to already injured, to already abused shareholders that is.
And another issue connected to it all is Market Makers exemption rules which as well went back to comments page and that exemption as well only adds to loophole and increase of illegal naked shorted shares in the market and no transparency.
Problems of naked shorting abuse in the markets has gone not just long, but beyond patience of any investor in the market. Not correcting this in timely matter which has already gone too long is helping the wrong.
Again simply, its disappointing very disappointing watching this go on, its disappointing we are still having to write about this again and again when its clear to all its been going on for too long and should have been corrected and stopped long ago.
Get rid of grandfather clause
Bring back the uptick rule
Take away the market makers exemption
And get rid of naked shorting / issuance of illegal phantom shares in the market.
Enforce the cover of all nss in the markets.
Enforce the delivery in timely matter.
And take a look at that sad sho list where companies like Overstock have been on it for over a year. How can you alow a company to have unsettled shares for over a year.. failure to deliver by market participants for over a year.
Patric Burns from Overstock is a hero. There should be more people like him.
Taking money from investing public for something that does not exist is stealing Its robbing the companies and its robbing the investing public.
Bring back some dignity and faith to investing public in these markets.. where nobody seems to have cared for investors in a long long time.
Its supposed to be fair.
Its not fair when the game is crooked and boxed for one side to always loose and the other to take the money and run.
And yes, Cmkx Shareholders are still waiting for justice and ROI for their investment in Cmkx a stock that was heavily naked shorted. We have all pulled the certificates to prove it. We have all waited patiently for years for Sec to do their job in correcting this evil and injustice in the markets.
I am personally very disappointed that something this wrong is taking so long to be dealt with, but leaving is not a choice, so Cmkx shareholders continue to wait and follow the issues.
Money taken by market participants who have sold naked shorted shares, phantom shares, shares out of thin air that have never been issued by the company, that money adds into billions of dollars.
Millions of dollars taken by various brokers selling Cmkx shares to now Cmkx shareholders and huge percentage of those millions were made on non existing shares, naked shorted shares, shares that did not exist, but non the less were sold.
So millions of dollars went from shareholders hands to brokers, that was real money, saved and hard earned by CMKX shareholders that somebody got.
That was somebody's 1000 $, 500 $, 5000 $, 20,000 $, 50,000 $, 100,000.$ yes real money..
And still 4 years later Cmkx shareholder wait for the justice, wait for regulators to do the right thing. For the wrong to be righted.
Cmkx shareholders wait empty handed, after they gave out their money that somebody got.. into millions maybe billions. And yet, they cant even feel that the injustice of naked shorting and loopholes have for them and for all the shareholders in the market whos companies have been naked shorted.. that injustice is being dealt with.
It is very sad to watch all this.
And it is disappointing.
But its not only money that keeps these shareholders watching and following. It is simply so wrong for this crookedness in the markets to just go on and to be allowed indefinitely.
Just do the right thing, and enforce it.
What has been going on is very wrong.