May 6, 2009
I see the SEC is asking for comments on yet another short selling rule. Seriously folks.. when are you gonna get around to ACTUALLY doing something to stop the abuse piled on investors and companies by short selling crooks who create counterfit shares outta thin air to sell to poor suckers who think they are buying a certain percentage of securities in a company with a set in stone amount of shares available.
Does ANY company really have a clue how many actual shares of their company are being traded. When the NOBO and ADP shareholder lists are greater than the companies Transfer agents list by tens of Millions of shares... you would think that someone in charge in the SEC would at least raise an eyebrow to it. But alas it seems that the enforcement folks are to busy trying to bury any evidence of wrongdoing by the crooks in order to get a sweet paying job from those crooks when they decide they have enough chits saved up to quit working for the investing public.
If you ever get around to doing something about short selling abuses, how about publishing a list of the crooks who do not deliver share. Ya have a list of the companys that are the victims.. Where's the list of the perps? How about some DTCC tranceparency.
I have an awesome idea.. how about REAL TIME delivery. There are things called computers now and some fairly smart folks in this country who surely could make a program where one person who has shares sells them and then they are taken off the transfer agents books and transfered to the buyer. The DTCC black hole and having stock in "street name" is at the heart of the short selling problem. Put the shares in real peoples names and then you can track who is buying and selling real shares and who is selling shares they do not own.
You folks aren't doing anything that is really gonna help protect folks against abusive short sellers. When the uptick rule was in effect you had to grandfather all the companies with huge shorts. You then made a list where stocks that were shorted more than 13 days had to be "bought in". As stocks languished on that list for years it has become a prime example of how ineffective your rules are. But now you are gonna "Really" make them deliver the shares right. I noticed the number of companies on the REG SHO list is going up again. Your doing a great job of enforcing those rules again I see.
If you want to fix the problem then just frakking do it already. STOP protecting the crooks selling the crap out of a companies stock when they don't even own any or borrow it. Shine a flood light on the DTCC and get some transparency in the system. Put the stock in PEOPLE's names, not "Street Name".
When a company puts out a proxy vote and they get millions more votes than the company has shares .. WTF? Wouldn't it have been interesting to add up all the votes if a proxy vote was actually held on the sale/rape of Bear Stearns.
DO SOMETHING ABOUT THIS CRIMINAL ACTIVITY THAT IS DESTROYING COMPANIES. After all - it is supposed to be YOUR JOB