July 9, 2008
The Securities and Exchange Commission (SEC) fails to enforce current regulations and law against NAKED SHORT SELLING, a practice harmful not only to individual investors, but to legitimate businesses/employers as well.
I support elimination of the Market Makers exemption, as no one should have privileges not enumerated in the US Constitution.
I support amendment to rule 203(b)(3)(iii) of Regulation SHO - completely eliminating the close out exemption for option market makers as proposed (not alternative 1 or 2).
I support amendment to rule 200(g)(1)which requires a "locate" on short sales securities and proper marking of sales as "long" or "short".
I support amendment to rule 200(g)(1) 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". Buys of NAKED SHORT sales shall be marked as COUNTERFEIT shares, in lieu of marking them as either LONG or SHORT.
I fail to see understand why the SEC--which proclaims on its website how it's dedicated to protecting investors--continually fails to enforce the rules, regulations and laws CURRENTLY on the books.
As an investor, my future payments to the Internal Revenue Service may be affected by your failure to enforce the law. So this may affect both you and me on a personal level.
I am an unemployed engineer, so you need not worry about the IRS garnishing my wages as I have none presently. I have copied this comment to my Federal representatives. Thank you for your attention in this matter.