April 25, 2008
Thank you for finally addressing Naked Shorting with a rule that will get the naked shorters attention. Naked shorting, in my opinion is criminal, and it is about time the SEC addresses that.
Naked shorting steals from investors and can destroy small companies, particularly those in early development.
I am a share holder in a stock that last year for the annual meeting there were 63 million shares eligible to vote with only 54 million authorized shares outstanding
It is time for the SEC to put some teeth into the rules for trading. As it currently exists, if the SEC does investigate, which is seldom in my opinion, the investors do not hear of the outcome and the penalties are nominal fines in comparison to the damage done to shareholders. It appears to definitely be worth the risk of cheating.