July 9, 2008
Thank you for the opportunity to comment on the Commissions proposed amendments to Regulation SHO. I am a shareholder of a company that has been on the Regulation SHO list for a very long time. We, the shareholders, have been identified by the SEC as "damaged shareholders".
I praise the commisions recent action to strength Regulation SHO thru the elimination of Regulation SHO's grandfather provision. I am also pleased that over the past several months that Chaiman Cox has spoken about the abuses of "Naked Short Selling(Stock counterfiting)" and the need to end this mannipulative practice. However, I remain concerned that these abuses 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 the primary function of the SEC? All trades should clear in 3 business days or be cancelled and that should stand for everyone.
Richard D Brown