August 13, 2007
The Market Maker Exemption to Naked Short Selling has to be eliminated. It should never been allowed in the first place as no one is legally allowed to sell what they do not own. The SEC has some fine and dedicated people working trying protect the American investor, but they also have some corrupt people who protect the very people that prey on the investors. Abolish REG SHO and force settlement on all transactions. Any action less than that will be lip service and intentional neglegence of duty.