July 10, 2008
July 9, 2008
Chairman Cox, Members of the SEC
As a concerned investor, I implore you and your committee to pass the Amendments to Regulation SHO and make the ruling immediate. I have witnessed first hand, been a victim of abusive naked short selling, counterfeiting and fraud committed in our markets. I am a retired, small business owner, have worked to support myself and my family, put hard earned monies in my IRA, invested through my IRA to see those monies wiped away by the abuses in our markets.
We the investors need a level playing field. Our markets, market makers, hedge funds have the rule books and use their skills to make end runs around those rules taking our companies, shareholders and country down, this must cease.
Understandably the hedge funds, market makers dont want to see these rules implemented as its a rigged game in their favor all the way to the banks for them, with our hard earned dollars.
These same people state that short selling helps maintain liquidity in the markets, this is fine when the shares of stock to be shorted have been located before executing the short sale. Day after day, stock after stock I see shorted but worse still naked short sold. Naked shorted shares are air shares, counterfeit shares, markers in our accounts.
When they are called on these illegal practices, they agree to pay fines without admitting or denying any wrong doing. They steal billions of dollars and are fined one hundred thousand dollars or a couple of millions dollars and are not allowed to make a market in that security for 30 days. Do these fines and penalties fit the crime? Its my opinion they dont come close to the punishment they should receive for what has been done to our people and our Great Nation and I call it treason and should be treated as such.
I love my country, wouldnt live anywhere else. I want to be proud of our elected officials, please act promptly on this amendment.
E. C. Weber