July 17, 2008
I support all rules and enforcement designed to prevent illegal or "naked" short selling and to punish those criminals who partake in such unethical activities as illegal short selling. Illegal short selling is detrimental to large and small business, investors, and the nation. Naked shorts have ruined thousands of businesses, especially the small businesses that are the future of our nation, stolen trillions of dollars from honest investors both foreign and domestic who are the lifeblood of our economy and as a result have learned to distrust American markets and companies, have made foreign companies question the honesty of doing business in US markets, are causing economic depression, are hurting America's foreign policy, and are inhibiting trade thus violating laws against restraint of trade and monopolies.
Manipulation of the markets by short sellers causes distrust of America in all sectors by foreign and domestic investors. It prevents small business from growing and new ideas from coming to the market, therefore it restrains trade and may result in monopolies within the financial sectors.
Naked Sort selling is often done from foreign locations, notably the Cayman Islands and other locations. It is therefore possible that illegal short selling is part of an attack on the US economy, US business, honest investors who do business in the US, and the US dollar. The entities interested in depressing the US economy for their own benefit may include many from terrorist organizations to more freindly or neutral organizations as the European Union which has it's own agenda for the supremacy of the Euro and economy.
In addition, I want to mention a private belief that would not only make illegal shorting illegal, but would make it illegal to short any company with a share price below $3.00. Any major company with a share price below $3.00 is a company in distress, and smaller companies with share prices below $3.00 are in development stage. The last thing these companies need is short sellers inhibiting their ability to survive and develop whether done legally or illegally.
Please stop the thugs and criminals who are illegally short selling America and its people with "naked" shorts, and please enforce the rules that are in place and will be passed in the future by placing these thugs into prison and taking away the money they stole by short selling illegally.
Thank You,
Edward