July 31, 2008
Why protection for just the priveliged few on Wall Street?
So, what you are saying is naked shorting iss illegal for them, but OK for the rest of the market. Many stocks are getting shorted into oblivian. Good companies are being destroyed, while the SEC sits asleep at the switch. Long-term investors in these companies are getting wiped out from their hard earned savings. I guess that's OK, because the small guy doesn't count. Well, I got news for you at the SEC. The small guy is sick of the corruption and someone is going to be held accountable. I belong to an investment club of 22 small investors and we all have contacted our Senators and Congressmen. We plan to continue to call them until THEY act in some fashion to stop this illegal activity for all stocks. Someone in Washington has the power to remove you people from your position if something is not done. One last thing. Make sure that "somehting" has teeth in it. Not some million dollar fine which is a drop in the bucket for these criminals. Put 20-30 of them in the pen, behind bars and that will stop Naked shorting for good. Monetry slap on the wrist will do nothing to stop this problem.
Please take action NOW, you are being watched by millions of investors such as myself.