Subject: File No. S7-12-06
From: Bruce Thompson

July 25, 2007

Some Senators don't have a clue.

I wrote this email on 6/5/2007

Today's Letter To Senator Martinez r Florida Sir,

I wrote you almost a year ago about the scourge on the markets called naked shorting. You wrote back and said that Reg SHO was working and that the SEC was making it stronger.


The SEC is now on day 324 of the comments on the proposed rule changes to Reg SHO. The comment period was supposed to have ended 9 months ago. Meanwhile good companies are being denied access to the capital markets every day. Many of them are going out of business because of it. The thieves are getting richer every day.

Bloomberg Financial just released an expose on naked shorting. It should scare the pants off of you.

Part 1

Part 2

Part 3

If that weren't bad enough, Al Jazeera is now ridiculing the practice of naked shorting in America and teaching Jihadists how to do it.

part 1

part 2

It is beyond time for you to stand up and be counted in this mess. Your country is in peril sir. There hasn't been an IPO in this country in a year. A year sir. Not since the Vonage IPO was naked shorted into oblivion.

The thieves are running the American markets now. IPOs are thriving in other countries where the markets are not rigged in favor of the thieves.

Unless something is done soon, this problem is not going to end well at all. It is a serious risk to the very foundations of our market system and could very well cause a collapse not unlike the crash of 1929.

I have hours and hours of reading, written by very qualified people in business, government, and yes even the Depository Trust Corporation which I can make available to you.

Bruce Thompson
Finance Director
Republican Party Executive Committee of Gilchrist County

Today I got back this answer

Dear Mrs. Thompson:

Thank you for contacting my office to express your concerns about Florida state banking regulators. I appreciate hearing from you and would like to take this opportunity to respond.

As you may know, regulation of this issue falls under the jurisdiction of Florida state and local governments. As a federal legislator, I do not have input on legislation under consideration in the Florida state legislature. For this reason, I recommend that you contact your state and local representatives with your views on this issue.

I always appreciate hearing from my constituents, and I will keep your views in mind in the event that related legislation is considered on the federal level. In the meantime, please do not hesitate to contact me with any additional comments or questions. In addition, for more information about issues and activities important to Florida, please sign up for my weekly newsletter at


Mel Martinez
United States Senator

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