July 9, 2008
Its is a shame the Commiossion has continued to fail to simply enforce the existiing regulations against NAKED SHORT SELLING, a practice harmful not only to individual investors, but to our economy as well.
I support elimination of Market Maker exemption
I support amendment to rule 203 b3iii of reg SHO- completely eliminating te close out exemption for option market makers as proposed not alternative 1 or 2.
I suppport amendment to rule 200g1 which will require "locate" on short sales securities and proper marking of sales as "long" or "short".
I also support amendment to rule 200g1 proposed in the second round in release 34-56213 File No S7-19-07 because equity investors are being harmed from mismarked sales as 'long' when they are NAKED short which counterfeits shares- an illegal activity.
In the event of failure to amend rule 200g1 please make and release a cost anaylsis incurred by equity investors.
The SEC must do a cost analysis incurred by equity securities investors if you do not eliminate the market maker exemption as your new data clearly shows the fails are being produced by invoking that exemption which, inturn, harms equity investors.
I continue to fail to see "why" the SEC--which proclaims on its website how it's dedicated to protecting investors--continues to fail to enforce just the rules, regulations and laws CURRENTLY on the books.
You folks are killing both small, private investors and our economy. Perhaps, if you aren't up to enforcement activity, the FED is better able to handle this.
No matter whata, something NEEDS to be done ASAP to curtail the theft from all investors.
Oh. and don't forget to put the UPTICK rule back in place. what a scam. Oh but mabe your buddies have a few more banks and companies on the list to steel first.
CAN YOUR HEAR ME.