September 13, 2009
For God's sake SEC, it's time to do something now, after years of being a completely useless organization in not just not catching Madoff but many many criminals who naked short stocks, run great companies to the ground, sell what is not theirs, sell what they have not even borrowed, etc..
I reiterate my call that "the house is on fire" and instead of your bureaucracy and delay after delay, for God's sake SEC, do something for a change.
What is it going to take for you to enforce illegal naked shorting? You don't need to invent a rocket science to reinstate the uptick rule and you don't need the comments of the hedge fund industry and naked shorts to tell you what you shouldn't be doing. You need to instate and reinstate every tool, rule, and regulation that you can think of to tie up the hands of criminals who steal the money of honest hard working companies and investors by manipulative methods.
The SEC has protected Wall Street for way too long and it is now time to get off its seat and do something for Main Street. Hello, anybody listening or is the cop still asleep at the wheel like it has been for way too long.