April 2, 2008
My comments are addressed to the many honest employees working at the SEC. I am writing to thank you for your efforts to protect and serve investors. I am sure that reading most of the comment letters is disheartening, especially to those of you who fully understand how the SEC by allowing naked shorting to be practiced has permanently damaged thousands of investors and companies.
Regulation SHO was corrupted by the inclusion of the grandfather clause and was essentially worthless. Even today there are lots of companies with huge short positions and the industry continues to try and short them into oblivion while regulators, from my perspective, look the other way.
One former SEC Commissioner was even quoted as having said that "the only reason folks were complaining about naked shorting was because they wanted to see the price of their shares go up".
Somehow the SEC got way, way off track which unfortunatly has tarnished the reputations of all the honest folks who are trying to fulfill the mission statement.
Chairman Cox is finally stating for the record that naked shorting is "pervasive and destructive". Thousands of investors are hoping he has the courage to see this through and finally put an end to this practice.
If investors continue to lose confidence in the integrity of our markets and those who regulate them we will all have paid a terrible price.
Please be a difference maker by fighting for what is just.
Alan S. Cameron