August 20, 2009
When you sell ANY ITEM you need to deliver it to the buyer, period. It is illegal to do anything else. Try selling a car, or house and not delivering it. What would happen? Any failure to deliver in any other industry would be called by its correct name...THEFT. Why does the brokerage industry,... any part of it, get to do otherwise?
There should be no exceptions, not option makers, not anyone else. As an active investor I am tired of seeing our markets devastated by short selling and by naked short sellers in paticular, regardless of how their apologists try to describe them.
Either we restore integrity, and consequently confidence, to our financial markets, or we watch them collapse.
It is time to restore the uptick rule, and to BAN naked short sales.I would appreciate it if the SEC would finally do its job and prosecute anyone who would violate these laws.
Please do your job.