July 31, 2008
Dear SEC Employees,
Unlike government employees who have the Civil Service Retirement System (CSRS) and the Federal Employee Retirement System (FERS), most Americans do not have a non-contributory component in thier retirement plan and must invest their own contributions to fund their retirement.
I thought yall were paid to help make sure that Self-Regulating Organizations like the stock and options exchanges fairly regulate the equity markets. I had faith, perhaps misplaced, that you would do your job but I've been waiting a few years now and so have thousands of other investors and we are frustrated to see the credit and financial markets get manipulated by the hedge funds.
Please stop referring to counterfeiting of shares as "Naked Short Selling" or "Failing to Deliver". Call it what it is: STOCK COUNTERFEITING.
Is your job to issue proposed rules with loopholes like the Options Market Maker Exemption that essentially render
Reg SHO useless because there is still a way to play the system by letting counterfeit shares flood the market when puts are sold and also to get rid of the uptick rule to provide purported "liquidity" in the markets?
Sure - there are lots of companies out there whose stock is overpriced, but is it fair to let people who don't own stock in the companies or haven't fairly borrowed stock to profit directly (selling counterfeit shares) or indirectly (having the Options Market Maker sell counterfeit share to hedge their selling of puts) on the sale of counterfeit stock instead of the rightful owners and borrowers of legitimate stock?
In this day and age, there is no need for T+3 day settlements. We need immediate settlement of all stock trades to prevent the gaming of the stock settlement system that occurs on a day to day basis.
Please do your job - please.
Thank you for your time and consideration.