June 4, 2009
uptick rule? yes reinstate it
enforce the preborrow of shares before shorting ? yes
Is it not embarrasing to you that you are still asking these questions after all these years and after all the things that have happened in the market?
Is it not a bit embarrasing that after Mr Kotz from Oig Sec offered his suggestions on how to deal with NSS complaints in the future, after his report showing that SEC has not acted on not even one complaint on nss for years, that Enforcement Division of SEC under New Chairman Mary Shapiro had no reservations at all to say they dont like none of his suggestions .. except for one.
One would think that under a new Chairman and after numerous completely embarrasing public moments of SEC showing over and over failing to protect the public in numerous ways including from NSS or naked shorting, that one would expect under new chairman there would be some changes in how Enforcement Division of SEC responds to Mr Kotz and his findings on Enforcement Division failings in dealing with NSS complaints. But no.
I would have to say that I have a feeling that Mr Kotz feels very very disrespected and tired of dealing with SEC Enforcement Division.
Clearly when he wanted to reprimend members of SEC Enforcement Division under the old Chairman, SEC again managed to snub him by having Judge Brenda Murrey write an answer that she does not agree with his findings. However later on we find out and it was posted in newspapers she did not act in a capacity of a judge at all.
It is very hard to watch a man like Inspector Kotz who is trying to make good changes, while his efforts get cut down and things stay just the same with SEC and its Enforcement Division.
You have not protected investors in this market.
You have not enforced the preeborrow program and alowed the naked shorting to flourish for all these years.
SusanneTrimbath... Senator Specter: "We need an SEC that will protect investors in all companies—including those would-be targets of naked short selling."
SusanneTrimbath... Senator Specter said: ...short selling stocks and then failing to deliver the shares results in phantom or fraudulent shares." Amen
SusanneTrimbath... wonders why SEC didn't desire to enforce delivery rules when #Settlement Failures in equities reached $15 billion in 2007?
SusanneTrimbath... Senator Specter said: As this GAO study establishes, the SEC is capable of enforcing pre-borrow and delivery rules when it so desires. "
SusanneTrimbath... Senate releases GAO report on SEC handling of #Fails to Deliver and #Naked Short Selling
SusanneTrimbath... GAO report available http://levin.senate.gov/new...
And finnaly, why is it taking you so so so long.. to put back the uptick rule,
when the previous chairman had no comments pages at all and took the uptick rule just like that?
Who profits while these things go on and on as they are, while as Senator Specter says: As this GAO study establishes, the SEC is capable of enforcing pre-borrow and delivery rules when it so desires.
And by the way SEC did nothing to prevent or investigate naked shorting in Cmkx in 2004. Nite securities had 40% of its trading in this small pink sheets company.
One huge player like Nite Securities had 40% of its total trading in March 2004 in a pinky stock called Cmkm Diamonds and nobody ever asked any questions about it.
You can find a pr on the internet about this. Imagine how much Nite traded in Cmkx when the stock jumped to 0.00012 in August 2004 ,, or around 4 months after March. No Nss?
Cmkx shareholders are waiting for justice and ROI.