July 19, 2008
July, 16, 2008
SEC Chairman Christopher Cox,
Your, SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 58166 / July 15, 2008
EMERGENCY ORDER PURSUANT TO SECTION 12(k)(2) OF THE SECURITIES EXCHANGE ACT OF 1934 TAKING TEMPORARY ACTION TO RESPOND TO MARKET DEVELOPMENTS exposes the SECs position on Naked Shorting and that since Regulation SHO was enacted over two years ago both you and the SEC are guilty of not only not enforcing the laws that already in effect but that you are in direct collaboration with the Hedge Funds and even now persist in protecting them in their lawlessness.
How dare you selectively enforce the law to the stocks of the companies which you wish to protect and allow complete lawlessness in all the other stocks of all the other Exchanges in America to continue to be Naked Shorted? First it didnt exist, then Reg. SHO will fix everything, then you decide to not only acknowledge the extent of the problem, that business are indeed being destroyed as you and the SEC stand on the sidelines as American companies are being ground into the dust by the electronic counterfeiting of shares. To choose which Companies you will selectively protect, every day that all other Companies stocks are not protected by the laws that were indeed enacted for the SECs enforcement, you and the SEC will stand accused of standing with and aiding those criminal elements doing the crime.
Your selective enforcement of the law is unheard of and has no legal precedent. It is in fact the same as if the Chief of Police of a small town says that he will enforce the laws against rape for 21 of the towns women and that he will continue to look the other way before being finally ready to look at ways to protect the other women of the town later, maybe. Your attempt to instill confidence to ward off either panic selling or mass rape is close to madness when you say we will enforce the laws for only these 21 Companies or these 21 women and then think or hope that all the rest will be somehow ok by the confidence you have inspired by the protection afforded to the few that matter to you the most.
The proverbial cat is indeed out of the bag, my friend and you had better attempt to further distance yourself and your agency, the SEC, from the Criminal Elements that dominate the current market conditions from Hedge Funds, to the DTCC, to MMs, to all the others that have been allowed, indeed there are documented cases of them being aided, by the SECs failure to enforce the law to ride roughshod upon the wealth and Retirement Accounts of American. I hope that you and the SEC can begin to do what is right before it is too late for all of our sakes as well as for your own because after today ignorance will forever be unavailable to you or your agency to use again as an excuse.
Yours Truly,
Another Aware American Shareholder.