July 13, 2008
It has long been said that America is the land of equal opportunity.
While this may be great rhetoric it is poor reality in the stock exchanges of this country where we find this truth to be but an illusive fantasy.
While all Americans have earned the right to an equal investment playing field, the stark reality has been that the average investor has found the deck stacked against him or her.
Unscrupulous characters have manipulated the market by counterfeiting or naked shorting the shares of publicly traded companies. Thousands of companies have been
forced out of business, and their assets raided, and thousands of investors have been defrauded of their hard earned dollars.
It is the duty of the SEC to protect investors from these criminals by assuring that our markets are both safe and equal for all.
Regulation Sho enacted in 2005,while a start, is woefully inadequate for the task at hand. The options Market Maker exemption that was left intact after the Repeal of the Grandfather Clause has allowed Naked Shorting of stocks to continue at a record pace.
Regulation Sho can never be enforced while The Options Market Maker exemption is in place and this exemption should be repealed immediately. To keep this exemption in place makes as much sense as a homeowner installing an
elaborate Security System to guard against thieves and then leaving the doors and windows of that home unlocked at night.
We implore you today in the name of God,Liberty,and the American way,to remove this unjust exemption,and to restore once again,the confidence and the pride of that which we call The American Way Of Life.
Mike from Missouri