July 9, 2008
I am a shareholder of a couple of "pink sheet" stocks that have been "naked shorted" to no end. Although the SEC hasn't always acknowledged that "naked shorting" exists, I think we all know that the SEC has allowed, and still allows, it to take place on a daily basis. With the implementation of Reg SHO, everyone knew from "day one" that this was not an honest attempt at correcting the "failed settlement" problem that exists. To think that "grandfathering" past ILLEGAL activities is a good solution is flat-out foolish. It's time that the SEC takes this ILLEGAL activity seriously, and makes the proper corrections (and actually enforces the law) to Reg SHO. It's time the SEC does the right thing and protects the "everyday" investors.....something they have knowingly failed to do for far too many years now.