July 22, 2008
I would like to congratulate the SEC for its' recent actions regarding NSS'ing. Had you not put the 'emergency order' in place, I feel you would've seen a true short sellers momentum play this country hasn't experienced since 1929.
As we all know, short selling definitely has a place in the stock market so as to bring an over-valued stock down to its' true value, or close to it. The fact that short sellers have not been responsible in abiding by the rules in obtaining the shares to borrow against has creating quite the problem. Just ask the DTCC. Their "fail to deliver" record speaks for itself since 2000.
The question I have along with so many more investors is, "What will it take for the SEC to make this policy market wide?" You have this policy, this law, on the books yet you are only enforcing it on 19 different companies?
If I had a business and only hired certain types of individuals, would I not be setting myself up for a discrimination suit? Especially since the laws currently in place state that I cannot discriminate unfairly?
Your situation is very similar.
You've taken action, now you better get busy and DO THE RIGHT THING and finish what you started. The hedge funds are truly hoping you won't.
BTW, CMKX is not dead and all its' shareholders eyes are on you.