May 19, 2008
This proposed rule contains some of the most amazing passages I have read recently:
1.Broker and dealers who are responsible for FTDs are exempt from rule 10b21 and therefore naked short selling will continue since they are the main cause.
2. The 1976 Security Processing Laws gives the SEC all the authority it needs to enforce the rules. The SEC has oversight over ALL clearing agencies to ensure the accurate settlement of security transactions. Any party who decides to do otherwise can and SHOULD be revoked by the SEC.
3. In a world where almost all financial transactions are done via computers this whole 'naked' short selling fiasco is a simple software programming problem and its solution should thus be very easy to accomplish. Any 'authority' who denies this should be instantly fired for their incompetence.
The SEC can and likely will be held responsible for your actions due to the fact that the SEC has done everything possible to ensure the non-implementation of solutions and thereby has become partners in crime with the counterfeiters. Punitive effects can be awarded to damaged parties by the SEC for their gross negligence and willful misconduct. By means of the Bivens Claim all of the involved government officials can be held responsible for your actions and receive your just reward.
Now for some down home Texas summarization: You have got to be frickin kidding me. How in the hell do you sleep at night? Doesn't it bother you that foreign industrialists, middle eastern dollar crashers, and organized crime rings have made money off the backs of the very people who pay their taxes so that you can put in your 3 years of government service only to get rewarded with a cushy job by the very institutions that you fail to police? Sorry for the run on sentence - it just seemed appropriate.
Bottom line - there are many out here in Middle Class Land who are no longer blind to YOUR involvement. WE KNOW, the LORD KNOWS, and when your days on this earth are done, there will be a special furnace in hell where you will burn for eternity for all of your blind ambition, arrogance, and outright thievery.
K Brown