May 6, 2009
End naked short-selling. No market maker exceptions. Naked shorting has caused many investors to lose faith in the system. It artificially suppresses the price of the stock--the basic laws of supply and demand tell you this: increase the supply and the price will fall. Naked short selling is fraud. If an inner city kid steals we condemn him and throw him in prison. When traders and hedge funds engage in naked shortselling we hold them in high esteem and call them the elites. It's wrong you know it and the rest of the world knows it. These are public markets for the public...and were not created for the select few insiders to play games. Let's put wall street back to work on behalf of main street and get rid of naked shortselling NOW