July 12, 2008
If I were to print money from thin air in a back room, I would end up in jail.
And yet, when Fail to Delivers take place as a result of naked shorting (or counterfeiting shares – call it whatever you want), there appears to be no accountability to end the practice. Your token and rare enforcement(s) will not fix the problem. The rule(s) must be strong and must be enforced.
It appears to me that these loopholes are left in place by design. You have a chance to fix this problem. You wont have many more chances so please take advantage while you can. If the average citizen becomes aware of this gross negligence, they should be outraged.
The primary mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities market.
I submit that you have failed miserably to honor you mission statement.
Naked Shorting – the creation of shares from thin air – and the Grandfather Clause must be eliminated. There is no logical reason for this lack of accountability in the system. If citizens are to trust the markets, you cannot turn a blind eye to this clearly illegal activity.
Very few words are needed here: To simply state the course of action needed, all one need say is: Do the Right Thing.
A concerned citizen and CMKX shareholder