From: Candice Grant
This was written by someone else, but states my feelings EXACTLY!!! Eliminate the grandfather clause now!!!
"Some say that eliminating g-clause would de-stabilise the market, and of course it's a valid theory that it was put in there to 'stabilise' it.
Were the markets 'destabilized' in 1929 when overwhelming evidence shows short sellers as the culprits? I would say so... Only in the destabilised market, the investors lost everything...
Were the markets 'destabilized' in 1987 when overwhelming evidence shows it was orchestrated by short selling raids? I would say so....only in the 'destabilized' market, it was the regular investors who lost again, retirement savings, money, etc.. while Wall Street didn't report a loss.
Were the markets 'destabilized' when the fake bubble burst? Proof shows us it was more un-checked shortselling.. the stock borrow program has been in place since the 80's.. and who lost again? the individual investors.
So, who in the heck is worried about destabilised markets? You mean, for once Wall Street might have to post a LOSS? You mean, the well-dressed hoodlums at Wall and Broad streets would lose because of forced covering of the counterfeit shares they sold to unsuspecting buyers?
So wall street might lose because they'd have to put MONEY, and lots of it, INTO THE MARKET from where it was stolen?
Please, don't give me this 'destabilise' b.s. anymore. It''s complete and total b.s.
This isn't a gambling casino where the 'house' wins.
This is supposed to be the US capital markets where counterfeiting is illegal and trades must be settled timely both short and long.
A market where investors can have confidence that if they choose the right company and invest, they might have a retirement when it's time and funds for their childrens' education.
In conclusion, this 'de-stabilization' b.s. is exactly that....b.s. Elimination of the grandfather clause will simply make Wall Street less wealthy as they are forced to return the stolen proceeds, derived from shorting against 'unborrowed' shares, to the markets and the investors in those markets to whom the money rightfully belongs."