March 23, 2008
I don't believe there's any need for more deliberation about the detriments of naked short selling. It's basically the same as counterfeiting dollar bills. The SEC has been totally ineffective in combatting this counterfeiting, to the point that it seems the agency must be a part of the problem, not part of the solution.
I invested a great deal of money in CMKM Diamonds, only to watch the stock manipulated day in, day out, with billions of shares being traded on many days with absolutely no change in the price per share. This does not reflect a normal market.
Estimates place the CMKX naked shorts in the trillions. When is the SEC, or the DTCC, or the Federal Reserve, or somebody going to atone for this very obvious robbery in the light of day?
Perhaps after you have spent the next 10 years writing up new proposals and getting comments, you'll be ready to clean up the market so ordinary investors can start thinking about investing in them again. I certainly won't be buying any shares until I see that there is actually some rule of law taking effect here.
PLEASE STOP NAKED SHORTING PLEASE PUT ALL OF THE PEOPLE WHO HAVE STOLEN THE ORDINARY INVESTORS' MONEY IN JAIL