July 17, 2008
To Whom It May Concern:
I read a daily blog which has commented on the "naked short selling" rules. I agree with all that is written and use the words of the blogs because I couldn't get the idea across any better. I hope you guys get your act together, I am losing confidence in this "ponzi scheme" called the stock market.
"With the latest Executive Order the Commission has granted market makers additional exemptions allowing the execution of “naked short sales” to be exercised where neither a locate nor a borrow transpire.” Apparently, I didn’t go far enough in saying, “Stop politicizing the capital markets, Mr.. Cox. Yes, let’s forget the companies that have been affected (during this investigation) in order to focus squarely on the illegal practices of the individuals who are breaking the rules (and perhaps the law) and those responsible persons in the securities industry who, for one reason or other, have been turning a blind eye.”
I ought to have added, “Stop working for Wall Street, Mr.. Cox. At least wait until the next Administration removes you from your present job!”
It appalls me that the media doesn’t get it.
The SEC needs to get independent or get lost. As they too often show us, they are part of the problem; not the solution.
Is it any wonder why the next wave of globalization will see increasing percentages of listings and trading volumes going offshore to markets that have more integrity, like London? Moreover, is it any wonder why US-based, controlled and regulated Humungous Bank & Broker (HB&B) continues its imperialist march to acquire all major global securities exchanges?
This is all about Washington and Wall Street being able to dictate to the SEC Chairman who in fact serves at the pleasure of the President and HB&B.
In this Bear market, the public is desperate for the authorities to serve and protect; yet, here is another case where they are getting stiffed.