July 16, 2008
I applaud the SEC's decision to "stop" naked short selling in the 19 listed financial companies however, it is my understanding that naked short selling is illegal all together. My question is, why isn't the SEC seeking out ALL naked short sellers in any and all publicly listed companies and prosecuting them to the fullest extent of the law? It seems that the SEC is being swayed by big business and in turn is letting big business leave a wake of destruction in its path.
1) extinguish all naked short selling, period. enforce the rules you, the SEC, have in place already.
2) what ever happened to the up-tick rule, seems like it may be time to bring it back?