July 18, 2008
When I think of the SEC- I think of liars, crooks and spineless cowards
For a second I thought Cox might have finally grown a conscience- once he mentioned Naked short selling was wrong- and that he wanted to prevent it- I felt a sigh of relief.
As a snake can only slither away- so to has Coxs emergency plans to prevent Naked short selling became a meaningless, watered down, lowly deception.
First it was postponed, which was bad enough- can an emergency measure still be considered an emergency after such a large postponement?
Second- he granted the market makers and options market makers an exemption to the new emergency ban
Excuse me? Market makers and options market makers are the ones that create the massive naked short sales in the first place
They have always been exempt from the NSS rule as they have been able to naked short for one decade- all the while they take no risk while they make markets- they take no risks because they can create infinite amounts of fake naked shares in order to hedge themselves- and they do it at the expense of the retail investor. As the OMM naked shorts at the behest of a hedge fund the shareprice is pounded into the ground- the retail investor pays a deep and dear price- because the OMM is allowed to make a market without risk.
That the OMM takes zero risk while naked shorting is wholly unacceptable, market makers cannot be allowed to make massive amounts by naked shorting to the detriment of all retail investors that are robbed by this OMM privilege
Only 19 stocks were included in the emergency ban- and then the ban was just for 30 days- but still the OMM fought tooth and nail just to remain exempt from the temporary naked short selling rules
Because you did not force the OMM to borrow shares before they create fake shares the SECs emergency ban is a worthless piece of dung
You let the OMM spit in your face- in the face of all Americans pension funds
You should have forced the OMM to borrow shares for once in their lives- after a decade of ill gotten gains- after a decade of risk free profits because they have always had use of the OMM exemption- you should have let them make a market without the benefit of naked shorting- for 19 stocks and just for 30 days- but you didnt do it.
It is more apparent to me now than ever before that Cox is nothing more than a mouthpiece in a suit- his sole purpose is to let Hedge Funds engorge themselves at the expense of the American populace.
Remove the OMM exemption permanently. Remove it, ban it forever.
Since you have even refused to remove the exemption for a 30 day period in 19 stocks- I do not believe that you will permanently remove the exemption.
I would tell you to do your job- but your job is to let hedge funds steal billions upon billions from every Americans retirement accounts.