July 18, 2008
#1. The SEC must recognize that naked short selling/failure to deliver (FTD) is a serious problem affecting thousands of listed issues, primarily small businesses.
#2. FTD is fraud. There are already laws against this. Enforce them. Put the people who do this in a cage. They are stealing the hard-earned money of investors by counterfeiting shares.
#3. Small businesses are the backbone of the USA. When FTDs are allowed to drive the shares of these businesses into the ground, the ability of these companies to finance their ongoing business is destroyed. Without small businesses to invigorate out economy, this country will land in a ditch and stay there.
#4. All FTDs matter, not just those affecting shares in the large financial companies. Enforce the law across the board, not selectively.
#5. I support the recommendations of Mr. Sinclair.