July 17, 2008
If you are going stop naked short selling then stop for all equities not just a select few, especially when some of the firms you are looking to protect are the same ones who have benefited from the practice. Naked short selling starves many a small firm from needed capital or causes the firm to pay more for that capital. It's also a matter of ownership. I'd like to know the shares I own are real and not vapor backed up by a hedge fund levered 100 to 1, especially in these stressful times. The SECs lack of action in enforcing the ban has caused me to consider taking possession of my stock certificates rather then keeping shares in the street name. At least then I know I own what I own. I hope you get it right this time. Stop naked short selling for ALL equities. In the good ole USA the same laws should apply to all no?