July 18, 2008
Naked shorting is illegal because it is another name for selling something you don't own....FRAUD.
It staggers me to realize that fraud in the U.S. stock market has been blatently conducted for decades with the knowledge by many government agencies, including, shamefully, the S.E.C.
Stop naked shorting through ENFORCEMENT.
Make jail time MANDATORY for these fraudsters.
Penalize brokers who cannot settle T + 3 with substantial fines - suggestion of $1 mil. per day, per stock after T + 3.
It is also imperative to immediately end the options market maker exemption loophole, as it is well known to be the perfect vehicle for much of the market fraud.