July 16, 2008
Security and Exchange Commission,
I strongly urge your commission to make naked short selling for stock securities illegal for investors, brokerage houses and investment institutions.
In my opinion, shorting a stock security should be illegal and not be allowed, unless the security can be borrowed from a financial institution before the short sale actually takes place.
I'll go one step further and recommend to your commission that all stock security short sales should be prohibited, naked or conventional.
I strongly suggest that your commission inform the Canadian regulators that naked short selling should be illegal in Canada as well.
It is time to rise to the occasion and stop this illegal activity.