April 4, 2007
To the Legislators and the SEC,
I have owned stocks since I was able to invest. To find out that the Stock Market would allow market makers to sell securities they do not even own, and then never deliver them is outright fraud. Additionally, our legislators then allow forgiveness and grandfather all of this "fraud" is an outrage.
If I were to sell someone a product, collect the money, and then never deliver the product, I would be sitting in jail. Why does our elected officials and officials assigned positions to protect me and other investors allow this to happen?
I will not have any confidence in the market if this continues to occur. Since I have learned that is what our elected officials and goverment agencies accept as the norm, I have ordered all of my stocks in certificates. I will hold these until the legislators have adopted laws to protect me. I have also warned and pleaded with my friends, family, and numerous message boards to pull your funds from the market.
No one is safe until you, the elected or assigned officials, do your job. To think that our president wants to hand my retirement funds (Social Security) to these crooks, further concerns me. The small time investor and business man, which I also am, cannot fathom how much greed has taken place in this country.
Shawn Holmberg