July 19, 2008
I am absolutely flabbergasted that when the SEC finally decides to excercise it's powers, it is again to save the bankers and financial institutions.
Naked short selling has been illegal all along and has particularly hurt junior companies. But SEC has so far ignored evidence of wide spread illegal practices.
Only now when it suits the government and the Federal Reseve will some effort be put into monitoring that these stakeholders don't have to suffer from this practice.
In doing this you have also chosen to go about doing it in such away that you give implicit permission for naked shorting to go on in other companies.
It is with great sadness I have come to realize that USA no longer represents free market economy. The only thing that matters is manipulation and criminal conduct carried out or protected by the powers that be.
SEC has so far conducted gross neglicence in its duties and should be investigated immediatly in order to pin down the responsible people.