September 15, 2006
You have a big problem. Every day more investors comprehend the unimaginable fraud that has been allowed to persist and grow to staggering proportions. What are you going to do now?
How can the SEC be taken seriously? You allowed Wall Street to cheat America out of billions of dollars. You have allowed thousands of companies to crumple as they were naked shorted into oblivion. Your lawyers are leaving and going to work for the hedge funds and investment banks perpetrating the scam.
Overseas exchanges are rejecting the American exchanges way of business. They demand settlement. They require a borrow. They prosecute offenders vigorously. You could learn much.
The SEC has zero credibility. Demand prompt settlement. Remove the grandfathering and market maker exceptions. Enforce the 1933 and 1934 Securities laws. Prosecute offenders to the fullest extent of the law. Do your job. Stop catering to Wall Street.