May 19, 2008
My comment to the SEC is this:
Your attempts to pull another "fast one" on average investors is shameful. We are fed up with your history of protecting the brokers, the DTCC, and unscrupulous hedge funds while they systematically steal from us.
Exempting Broker-dealers from rule 10b21 is one of the most transparent attempts at aiding and abetting fraud I have ever seen. Broker-dealers are the ones committing the crime of naked shorting. They allow the borrowing of stock. If it isn't available, then the broker shouldn't give it out. It's that simple and I certainly don't need to explain it.
By allowing and promoting the rampant amount of stock counterfeiting that takes place in today's stock markets, the SEC is making itself liable for committing serious crimes against our country and it's citizens.
We are aware of your games, SEC, and we aren't playing anymore. Do your job. Enforce naked shorting under existing anti-fraud laws. You don't need another impotent "rule".