July 9, 2008
As a retired federal employee I am embarrassed and infuriated by the actions of the SEC. Beards must be commonplace for the men, and no makeup for the women within the SEC. I doubt any of you can look in the mirror long enough to shave, or put on makeup. You are prostituting yourselves and your responsibility to the public in the pursuit of liquidity and an efficient market. Meanwhile small investors are buying non-existent shares and stand to lose their life savings. When the collapse comes the SEC will be solely responsible for the devastation it causes and the human misery that results. How does it feel to act as mere puppets of Wall Street and the hedge funds. You all probably hold yourselves in contempt, as does a large segment of the public you were supposed to protect. Its unlikely you will choose to serve the public in this instance, but should you consider actually doing your jobs please consider the following.
Why has the SEC continued to fail to simply enforce the existing regulations against NAKED SHORT SELLING, a practice harmful not only to individual investors, but to our economy as well.
I support elimination of the Market Makers exemption.
I support amendment to rule 203(b)(3)(iii) of Regulation SHO - completely eliminating the close out exemption for option market makers as proposed (not alternative 1 or 2) .
I support amendment to rule 200(g)(1)which will require a "locate" on short sales securities and proper marking of sales as "long" or "short".
I also support amendment to rule 200(g)(1) proposed in the second round in release 34-56213 File No. S7-19-07 because equity investors are being harmed from mismarked sales as "long" when they are "NAKED SHORT" which counterfeits shares--an illegal activity everwhere but within the SEC.