July 16, 2008
I am a small investor, holding a few junior gold mining stocks. Apparently there is a loophole in your trading rules that allow for professional criminals to sell a stock that they do not own and then fail to deliver that stock. This loophole has been taken advantage of to essentially steal from honest stockholders of companies like Overstock, many junior resource stocks, and most recently, larger financial stocks.
I am somewhat jaded by the fact that very little action has been taken to close these loopholes until recently, when it has enabled the criminals to worsen the already devastating credit crisis by naked shorting financial stocks, further reducing shareholder value, and essentially threatening the US economy as a whole in order to make a profit.
DO YOUR JOB AND LEVEL THE PLAYING FIELD, MAKE THE CHANGES TO THE RULES THAT MUST BE MADE TO PREVENT THESE CRIMINALS OR AT LEAST TO HOLD THEM ACCOUNTABLE (e.g. BROKER ANONYMOUS)..