June 4, 2009
As a holder of securities I find it appauling that shares in my trading account can be borrowed against by a 3rd party without my knowledge or specific approval to short a shares investors own and be used against me.
Investors buy stocks of a company they believe has the potential to grow and return share value to them.
Any policy allowing individuals share ownership to be used against them and the companies they own shares in needs to stop.
Such policies destroy the value of investors portfolios, investors confidence and also can be used to bring down a sound business without the beneficial owners knowledge or approval.
It should be illegal to sell property that belongs to someone else without the owners approval, period
This is no different than one going to a new car dealer in July and selling one of his convertible cars, without his knowledge and then buying it back in January because it is now -40 degrees and the market for convertibles is horrible. I call this stealing, cheating, and a totally dishonest practice.