July 9, 2008
It is well past time you dealt with infractions of the fails to deliver rules. This practice, in far too many cases, seriously dilutes stockholders to the advantage of short sellers seeking easy gain.
I am disappointed in the SEC. It has done far too little to protect the integrity of our markets. Abolishing the "Uptick Rule" last July was a particularly damaging decision, one which has left the market and thus small and large investors alike at serious risk from fear and short sellers capitalizing on the panic trade.
Please correct your mistakes. Reinstitute the "Uptick Rule". Punish serial naked shorters, and clean up the threshold securities list. There shouldn't be a single company on that list, and it is to your discredit that so many remain there for such long periods.