May 5, 2009
I strongly urge that the SEC pass, implement and ENFORCE rules prohibiting naked shorting as these actions provide no public good. They serve to severely dilute the number of a companys shares outstanding without the companys and/or shareholders authority and are also outside any responsibility to the aforementioned. The actions are predatory at best. Forcing the short seller to borrow stocks required for a short sale would reestablish a more realistic relationship between a companys financial prospects and the markets investing public.
Incidental to the above, I also urge that the SEC re-implement the Up tick rule, or some variation thereof. This would allow governmental market monitors, if there are any such entities left out there, to get ahead of and minimize a disruption or any severe discontinuity in a stocks performance or the market as a whole.
Contrary to those of the political persuasion that believe in minimum government, Minimum government does not mean NO government. Protecting its citizens is the only true justification for government. Financial predation, pillage and plunder are only other forms of violence. Our country deserves better from its government.
A Wavering Republican