May 19, 2008
Anything short over t+3 is taking advantage of shareholders. To allow FTDs to continue is wrong and the board knows that. It is clear how corrupt the markets have become with recent discoveries of cmkx (like 622 billion unregistered shares).
It is your job and your responsibility to fix this. Obviously you can not make it right to the shareholders who have lost their life savings and tried to worn the SEC before it became gross neglect. You may sight these shareholders took the risk of buying a pink but they understood as your agency well claims that if you buy a security it is real and insured.The SEC is supposed to be the agency that ensures we are protected. Certainly you are not doing your job when an MM finds he has over 100 billion shares of one security that failed reporting.
I would rather see this problem resolved by ensuring t+3 with NO exceptions whatsoever to fail than to see this continue. There is ample proof of fails in cmkx. This should not be made public for fear of crashing an already unstable market. Your failure to control FTDs or NSS is very serious. If it causes the collapse of the markets it would be your agency that is responsible.
I am calling on senators to reealize it is the resonsibilty of each of the employees of the SEC to do their job in their capacity as a responsible regulator. Falling short of that and allowing counterfiet shares is neglegence and should be held accountable-- personally as well as jointly.
I hope and pray you find a solution and quickly. I love America but the corruption is sickening.