March 30, 2007
The 'Grandfather Clause' in regards to Regulation SHO is in itself, illegal, in my opinion. To allow thirty more days for comments is to allow thirty more days of unencumbered naked short selling to continue unabated in our financial markets. The idea that anyone at the SEC could possibly learn anything new in regards to this issue disgusts me. If a common man like myself understands the criminality behind FTD's, then surely SEC officials in their job capacity should understand the issue far clearer than me. If the brokers and market makers are trying to avoid the pain of buying back their naked short positions, maybe they shouldn't have shorted them in the first place. This saga reminds me of the old expression, "the longer you wait, the more it's going to cost you." The trouble with this 'comment period charade', is that it appears that corruption is not reserved for market makers alone, but that it has possibly reached into our Federal Government system as well. Good luck to you.