July 16, 2008
The Chairman's actions yesterday are confusing. If naked short trading is illegal, why is the law not being enforced with all stocks instead of just those that were named in the emergency order? Furthermore, why does the order terminate on July 29. Illegal actions should be investigated and the law enforced with no time limit.
It would seem that the inaction by the SEC has exacerbated the situation not only with the financial institutions but has also allowed short sellers to literally drive companies into bankruptcy.
This current action seems like too little too late.