July 17, 2008
To whom it may concern:
I would like to express my objections to the long standing practice of naked short selling. I trade a great deal and rarely short. I have nothing against short selling but the practice of selling shares that don't exist is inmoral and should be illegal.
How can a company with a smaller float compete with this practice and an investor on the long side as well as these people are well capitalized and organized.
Maybe finally that some of the big banks are taking it on the chin with shorts something can be done with naked shorting. It needs to be done.