July 17, 2008
Why does the SEC now demand no short selling now that it affecting companies that have billions and trillions of dollars at stake? Oh my God letís bail out the biggies, what about all the little investors?
Naked Short Selling is illegal. Your "emergency order" to eliminate "naked short selling for financial stocks" should be applied to all stocks. My silver and small gold stocks are being killed by naked short sellers. This excuse by short sellers that "accidents" happen and they end up naked is not credible, especially in this electronic age. End naked short selling now for all stocks. While they are at it, they should enforce those laws across the board... not just those who perpetrate this crime against financial institutions and banks.
Yes, please close this loophole, but also make brokers accountable for any and all naked short selling that goes through their firms, particularly in the mining sector. This is ALREADY illegal, but no one seems to want to enforce existing law.
The fact is, large Hedge Funds and Investment Banking firms realized long ago that the DTCC and the SEC were not enforcing the rules against Failures to Deliver (FTD)... and it's very apparent that those same Hedge Funds and Investment Banks have targeted firms to drive down their share price through Naked Shorting. e.g. shorting a stock without actually borrowing the shares first.
This issue is the most important issue in front of the SEC. Please work with your colleagues to stop Naked Shorting in all forms, and hold the firms and investors who practice Naked Short Selling accountable for their actions.
CIGA Tim, California