July 10, 2008
Dear Chairman Cox,
Ms. Nancy M. Morris, Secretary
Securities and Exchange Commission
100 F. Street, NE
Washington, DC 20549-1090
Re: Comments on Proposed Amendments to Regulation SHO
File No S7-19-07
Dear Secretary Morris:
I am a shareholder of several companies that have appeared on the Regulation SHO threshold list for a great deal of time and others that have obvious ftds as well.
I strongly support the Commissions proposed elimination of Regulation SHOs options market maker exception and encourage the Commission to complete the administrative steps to accomplish this change immeadiately w/o fail. This is pure market maker manipulation and must be eliminated now for everyone's sake.
While much progress appears in the works, these abuses continue to haunt all with any knowledge of this well kept secret imo.
While the elimination of this exception and the grandfather provision will significantly strengthen Regulation SHO, these changes alone will not adequately solve the problem that results in continued naked shorting and ftds. I strongly urge the Commission impose in Regulation SHO a requirement of a firm location of shares to be borrowed before a short sale can be executed, and enable transparency by requiring timely disclosure of the volume of failures-to-deliver shares of companies on the Regulation SHO threshold list. The Commission should issue and complete promptly a notice of proposed rulemaking to implement these two critical components of effective Regulation SHO reform.
Many shareholders understand perfectly what has been transpiring and have had enough. I beg you to do the right thing and thank you for this opportunity to voice my concern as well as for others I speak for, which are many.
Thank you for all your doing and please bring back a FAIR MARKET! I'm certain the task at hand is ENORMOUSLY complex, but I count on you as the ones with the "POWER TO INFLUENCE EVENTS".
Hope your listening and that many respond to what I perceive as an outlandish crime against America!
For nine years I've personally witnessed much of this devastating action on the part of market makers while the brokers, hedgefunds and many more surrounding wall street profit from the unknowing and unprotected shareholders who are AMERICA!
Transfer the weath to where it belongs, protect those who deserve your "POWER". Thank You!
Charles C. Bennett, President