July 15, 2008
Today, I was shocked and dismayed that the S.E.C. under Chairman Cox's leadership and by his own admission, has not enforced the law regarding the use of "naked shorts." Chairman Cox proclaimed that he will consider enforcing this rule to protect only Freddie and Fannie Mae. Coverage of "naked shorts" is intended to protect all public companies from abuse by short sellers, reduce market volatility and provide confidence to investors. It is my opinion that Chairman Cox should immediately enforce the existing rules regarding "naked shorts" to cover all public companies. The government must do everything in their power to reduce the markets' volatility that is evident today.
Very truly yours,
Marvin Dingott Esq.
cc: President George W. Bush