July 11, 2008
The SEC exists to protect shareholders and to ensure that there is a fair market for investors. It's clear that the SEC has failed in that mandate. I believe it was Annette Nazareth who stated at one point years ago that there was no such thing as naked shorting. Now years later the SEC admits there's naked shorting but they call it fails to deliver. A rose is a rose is a....
With Reg SHO we thought that finally the SEc had stepped up to the plate. But after a while it was clear that Reg SHO was a failure and a farce. Naked shorting continued. In fact it seemed to worsen.
Here's my challenge to you. Do your job. Give us a clean market where there are no loopholes for brokers or market makers to fail to provide honest service and delivery for shareholders. If I buy a share of stock in any market it should be a given that when the sale is completed I own a legitimate share that has been honestly delivered.
I'm also a CMKX shareholder. I'm a member of that cohesive and vocal group of shareholders who WILL NOT GO AWAY. We are 40k people that you failed. Now is the time to make it good. Give us a fair market with no breaks or loop holes for service providers to use to cheat shareholders. And recognize that CMKX shareholders deserve compensation for the fraud committed against them. We deserve financial restitution. Thank you.