May 4, 2011
Thank You for taking public comments on the NSS issue.
Some background: I own shares of a pink sheet that has been NSS'd for years. The due diligence shows that the stock price should be many times higher, but by watching the trading by the market makers and the 'rat pack' (NITE, CSTI, LAFC, PUMA, NOBL, CSTI) it's obvious that market manipulation is at work. Also the shorts never have shown up on the failure to cover lists. Why?
I also used to own shares in another company that was attacked by a series of inaccurate and misleading statements that caused the stock to drop by 50%. I wouldn't be surprised to learn that these attacks were instigated and paid for by the market makers with lot of shorts just prior to the attack. Remember Overstock.com?
Basically I feel that NSS is illegal manipulation of the stock market. NSS is just a part of the problem, we have financial terrorism here in the US and it's overlooked by the regulators through numerous loopholes and creative maneuvering. Why?
These market makers will do everything and anything to satisfy their greed and increase their power, including taking the international financial system into the ditch. This is where our country's financial system has landed, in the gutter, right where the wall street bankers took us. We bailed them out and these guys are still filthy rich, and getting richer. Their naked shorts and market manipulation tears down what US businesses, companies and entrepreneurs have built with their blood, sweat, tears, and equity. It's a crime. Why it is not stopped?
SEC, please get this under control. I realize that the career path in the SEC leads to a wall street penthouse with it's associated perks, where the money flows back into the coffers of the lobbyists who get things done in Washington, but come on guys, these greedy bast*rds are taking this great country down the sh*t hole, and we Americans are left holding the stinky shovel, digging them out. Please get it under control.
Harvey Whitman II