July 28, 2008
Dear Mr. Cox,
Thank you for finally pursuing an end to naked short-selling. There may be few "bright lines" in the markets, but this is one of them.
As an small ($1M) individual investor, I wrote to you about this distorting and unfair practice 2 years ago, as I watched a stock I owned mercilessly manipulated by naked short sellers around a secondary offering. I had been shocked to read in the prospectus that the underwriters openly explained their naked shorting strategies.
There is nothing good about the practice of naked short selling.
Very Best Regards,