July 18, 2006
The "grandfather" clause in Reg SHO must be eliminated. It is absolutely shameful that the SEC included this clause to grant amnesty to known frauds who have stolen untold millions (billions?) of dollars from private investors and have devastated many small companies and their employees. There is a fundamental principle of trust that is required to maintain the integrity of our financial markets and this provision along with the growing level of FTD's have created a strong perception that the system is rigged and the SEC is complicit with the broker industry. I have written all of my representatives in Congress that they must insure this provision is eliminated and the SEC needs to be completely rebuilt and better funded with the mandate and resources to assure compliance.
Do the right thing and restore the trust in our financial markets Repeal this grandfather clause and force the covering of all the FTD's. Prosecute those who committed this fraud