August 6, 2008
The companies most vulnerable to naked shorting are smaller, and to date you have done nothing to promote a free and fair market in trading these stocks. You don't seem to care about fair markets you only seem to want to protect large financials when there might be larger consequences of a failure to affect the economy.
This is a rigged game, and I have come to learn through huge losses that the SEC is the lead actor in this charade. Day to day, the manipulation of prices in small company stocks is obvious. When a hedge fund can overwhelm trading volume for a small company's stock it becomes a self fulfilling prophecy.
Get with it. Cox and the rest of the commission's governors need to show that they are not being bought off by the prospect of future lucrative jobs with these hedgies by doing something to minimize this manipulation. The first place to start - IMMEDIATELY - is to put some real teeth in the naked shorting rules and ENFORCING them unmercifully.
DO SOMETHING and DO IT NOW. Enough is enough.
Otherwise, for your glaring failure to protect investors from all this "off the books" garbage and housing securitization, and the losses many smaller investors have suffered due to these screw-ups, you all should resign in disgrace.