March 18, 2008
Whatever you do, please put in something that enables forcing rapid reconciliation and closure of failed deliveries for ALL threshold securities. I mean just being classified as a threshold security already implies that there are a questionable number of failed deliveries, right?
Like, take LDK Solar for example. Any reason why a wee little company like this is in the vortex of so much questionable activity? Do your homework on the company, then figure out why they would be on the Threshold list for over 100 days C'mon
Just reconcile the FTDs... force closure of all trades that have determined the price through the mechanism called the stock market that is regulated by the SEC.
Failed deliveries are a red flag. Hundreds of days of them are a bigger RED flag. Naked short seems to be a very good guess as to what is wrong here. SEC has the authority to force closure in such a situation. You did it for Overstock, now do it for us.
We are trying to save for our futures so we don't live off others. We don't want to eat dogfood. And we certainly don't want our hard earned savings ear-marked for our future survival to be fed into the 39th yacht that is parked outside the 23rd waterfront property of someone who is paying $2M "fine" to bilk us out of $200M illegally.
Just automatically force closure of the FTDs every 21 days, if nothing else and have a new threshold list that shows symbols that somehow (?) keep showing up again even after closure is settled.
No one is saying ban the short activity. Just make it so you can police it or ban it until you can control it. C'mon they just banned pants that hang down too far around here. If a man can go out in his boxer shorts, but adding a pair of (stupid looking) giant pants that hang down his butt can be an offense punishable by law, then so should buying and selling securities without settling the trade.
nuf said?