July 17, 2008
It is outrageous that the Fed and US Treasury has imposed selective justice enforcement on naked short selling rules for their 19 financial firms friends and not for all stocks. What ever happened to equal justice under the law in America?
Failures to deliver are illegal and yet not enforced, particularly for optionable securities. The public's confidence in the integrity of the equities markets is completely undermined but the non-existence of effective enforcement of naked shorting rules. This has contributed to continued massive fraud and damage to the business and investing climate in America.
Enforce the rules to eliminate ALL failures to deliver for ALL stocks immediately. No loopholes for options market makers, no grandfather clauses and no exceptions.