August 13, 2006
SEC:
You must first make up your mind-are you going to do everythig you can to protect big money you all know is criminally short selling, or step in and fix the problem?
To allow FTDs on stocks to go on for a year, as in the Overstock case, is a disgrace. All grandfathering needs to be immediately stopped, the trades need to settle. Otherwise, we have to assume you are in the business of protecting those who have illegally shorted stocks.
Market maker exemptions need to be tightened so as to prevent manipulative naked shorting on their part to cover puts purchased.
Shares must be BORROWED before shorting, eliminate any and all loopholes you know in advance will be avused to the fullest extent.
Most importantly, there must be punishment for the criminal shorting seen today- as far as I can tell, SHO stocks suffer and nothing has been done whatsoever to remedy the situation and chastise the naked short cohort.
The American citizen needs regulators to protect them from criminals who you know will do whatever is possible to make money. You have so far in my mind done everything for the street, not much for the rest of us. Clean up your act and do your jobs.