May 4, 2011
Here we go again Why you need a 45 day comment period as to doing the right thing I will never understand. Investors in U.S. markets have been fighting financial terrorism for years. FINRA and the SEC both know what needs to be done to clean up our markets and it could be done very quickly if you had the courage to act.
Senator Kaufman outlined a plan that if followed could restore the credibility that has been lost due to regulators looking the other way for years in short order.
Shorting should not be allowed without a hard locate, period. There should be a zero tolerence for FTD's and the solution is simple. Any trade that is going to involve a FTD is busted with all funds returned to the innocent party including commissions and the party causing the FTD is charged a 10% penalty based on the value of the trade which is passed on to the injured party. FDT's would disappear overnight.
You have known about naked shorting for years and years and yet it is still being allowed to happen today. How many investors have lost their savings to these miscreants?
How many companies have been forced out of business because regulators failed to enforce existing rules and regulations? When will you comprehend that slap on the wrist fines are considered a cost of doing business by those who are breaking the law day after day after day because they can and because it is profitable to do so?
Think of all the good things that would result from forcing those who have stolen trillions from honest investors to buy those non existant shares back? Bring that money presently offshore back home and into folks hands who will pay taxes, spend and thus stimulate the economy and create jobs and help folks who have less.
This has been going on way way too long and I hope you finally have the courage to do what should have been done years ago.
Alan S. Cameron