July 18, 2008
Please end naked shorting for all stocks not just financials. Consider the following:
1. Current naked short rules entirely inadequate
2. No further exemptions
3. No extended grace periods for failure to deliver
4. No MM or foreign dealer exemptions, as these are probably the biggest abusers
5. Claims of illiquidity by options dealers are inadequate arguments if liquidity can only be maintained via naked shorting that results in abusive and fraudulent manipulation. No compromise with the primary abusers.
6. Equal protection under the law for all securities, not just a few privileged financials. In fact, these very same financials probably utilized abusive naked shorting themselves.
7. Restore confidence in the markets and SEC
8. Eliminate fraud.
9. Protect Mom and Pop retirement investments, etc.
Thank you for your attention.