February 6, 2008
As a follow-up to a previous comment the following post appeared on the Yahoo finance message posts after a discussion surrounding loopholes in the current MM exception and the lack of enforcement by the SEC.
URL
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_B/threadview?m=tmbn=24145tid=290363mid=290363tof=7frt=2
Text of message
"I manipulate the PPS all the time. I create lots of counterfeit shares. I admit it. i ain't afraid of the toothless SEC. Come get me"
The unabashed arrogance flaunting the oversight of the SEC is the EXACT reason this loophole needs to be closed and closed with teeth. Until the organizations that manipulate stock prices are held accountable for their actions it is impossible for the average American citizen to participate in a free and open market because it does not exist.
I urge the SEC to ratify this proposed rule without exception in a timely manner.
Thank you for your time,
David Peters