July 14, 2008
My comments to the SEC on REGSHO:
YOU NEED TO IMMEDIATELY PUT A STOP TO NAKED SHORT SELLING ON ALL LEVELS, INCLUDING ON THE WALL STREET PROFESSIONAL LEVEL (BROKERS AND MARKET MAKERS HAVE BEEN THE WORST OFFENDERS - NO EXEMPTIONS) AND MAKE THE CRIMINALS PAY THE MONEY BACK THAT WAS STOLEN AND FORCE THEM TO COVER ON THE OPEN MARKET - AS IT SHOULD BE - DONT MAKE THE POOR, OVERBURDENED TAXPAYERS FLIP THEIR BILL WITH HIDDEN INFLATION BY MERELY HAVING THAT DEGENERATE FEDERAL RESERVE BANK PRINT MORE MONEY.
Americans have been telling your agency about naked short selling for nearly 2 decades and it has yet done nothing of substance, only talk. After several years for denial, the federal government finally admits to its existence, but instead of taking prompt action to enforce existing laws and stop naked short selling and counterfeiting, identified as a minimum of $6 billion per day, and has been as much as $75 billion+ per day, all you want to do is talk about it and take no real action to stop it. Hmmm.. I wonder how you would feel if you called the cops for help and the cops waited 2 decades to come over and stop criminals from stealing from you? Quit talking about naked shorting/counterfeiting and get up off of your worthless seats and stop it - immediately. Dont do it tomorrow, not next week, do it immediately
I am still amazed that you are even taking comments on this naked shorting matter, as if you are weighing the yeas versus the nays in consideration of your next move. Well, is it not obvious to a 6th-grader that with the trillions stolen through naked short selling and counterfeiting, these criminals can pay thousands of people to write glowing reviews in support of the unethical and illegal practice and/or to pay off corrupt politicians to protect them? It is just another business expense. Please tell me you realize this fact to be true. Please tell me that have given this issue some real thought. Besides, why on earth do you have to ask the public if they want you to enforce the law and stop criminals from stealing from them? Please tell me that after college, law school and years of working in the financial markets, the answer is obvious to you. I surely hope so.
The laws already exist to immediately halt naked short selling, but you refuse to enforce them and then you pretend that REGSHO is necessary - such a red herring indeed You should be enforcing the existing 3-day delivery/locating rule and make these criminals cover on the open market for their short positions. You should quit abusing the SECs power to use 10-day administrative halts to stop short squeezes so as to protect the criminals, so they won't be forced into covering on the open market. If they short it, face the music when a cover is required, as it was intended. These naked shorters need to be exposed and punished - TRULY PUNISHED - or any halting in the thievery will be a mere temporary hiatus and they will be back to business as usual in no time. These double standards, one for average investors and the other for criminals gives unfair advantage, it is completely unacceptable and it needs to stop now
The economy is not dying because of this alleged sub-prime crisis as the worthless and corrupt Federal Reserve so claims. The economy is dying because you people have been, at best, incompetent and at worst, financially profiting from the Wall Street criminal elites use of derivatives and naked short selling to fleece trillions from innocent investors and take it out of the country. Quit lying to us and tell the truth to all of America as to the real problem in our economy. Americans can only fix a problem if they know what it is - or is it really that you don't you want the problem to be solved at all?
By the way, tell those damn fools in congress that in case they have not figured it out yet, we know that the eves-dropping on Americans is not to catch terrorists (if politicians were so worried about terrorists, they would have sealed the border long ago). FISA is about spying on the Americans who pose a threat to the elites because this criminality has been exposed, as has the corrupted federal government system. We see the fed constantly aiding Wall Street criminals, thwarting states rights, centralizing power and stealing it from the states and the people so it can be turned over to Presidents elitists pals who want one world government. It is obvious that terrorism is the current "boogeyman" you want to use for a control mechanism. We would appreciate a little truth from you, at least on occasion.
I wanted to say that we know that you have sold us out. But know this fact to be true: in spite of your faithlessness, there is a God who will hold you accountable for your actions. I pray that I get to see it. You have been hired by Americans to serve and protect. Instead, you have served yourself and through your lack of integrity (there are a few exceptions), you have sold out and ruined the greatest nation the earth has ever known.
So, is the federal government capable of doing the right thing anymore? No, I doubt that it can, for it has gone way too far in the direction of great evil to turn back. Perhaps I write this letter, not expecting truth and honor and equity, but instead, just to vent. This economic situation will worsen and America will fall. Never forget, even as you sit on your lofty perches, feasting on fine wines and exotic foods, watching your fellow countrymen lose their homes, starve and face the potential of incarceration under martial law, that you have actively participated in causing the destruction of this great nation and that you will be held accountable. You have perpetrated great evils upon your fellow citizens and unfortunately, those evils will only get worse as you and your masters will have to cover up and silence truth. History is repeating itself as this nation slips into tyranny. But know that if you had been men and women of honor, it would not have had to be this way.
I will close this comment with a quote, that which coming from me, would ordinarily be deemed an unusual reference. It is from the Rev. Jeremiah Wright, the man known to be Barak Obamas pastor. This man was recently taken a lot of heat for stating, "God D America" ... Yes, it is sad to reference such a quote, and certainly it does not apply to those Americans of innocence in spirit. However, what else can a man say about a government who oppresses its' people in favor of a few elitist financial criminals, and instead of forcing the criminals to return their booty, that evil government makes the innocent people pay for the theft. To top it off, the government then has the audacity to spy on the people to insure they do not complain too loudly or organize to put a stop to the thievery. Offended you are that I quote pastor Wright as I have? Well, ponder the thought if you will, can any manner of a just and righteous God be blessing this government and its' leaders for these monumental atrocities against innocent people?
For America and Americans,
Allan F. Treffry, Esq.