July 9, 2008
Being brand new to the stockmarket around 4 years ago I set out to learn what I could as I bought my first stock. What an education it has been. I have learned more in the last 4 years about the corruption and fraud that seems to have been going on for years unchecked than I ever expected.
It seems obvious that an organized crime element has been allowed to run rampant in the USA financial markets.
Thank GOD I live in Canada.
Very simply put, money has been stolen from every man, woman, and child who has invested in the stock markets for who knows how long.
I question why the SEC, DTC, DTCC, and everyone involved in the US government have looked the other way to a point in time where your very country is in shambles.
I belive organized crime should be rewarded with jail time and anyone involved with violators of securities laws who received financial gain at the expense of the everyday people should recieve the same.
I commend the Commissions recent action to strengthen Regulation SHO through the elimination of Regulation SHOs grandfather provision. I am also pleased that over the past several months that Chairman Cox has personally spoken about the abuses of naked short selling and the need to end this manipulative practice. However, I remain concerned that, despite the Commissions recent efforts and Chairman Coxs public comments, these abuses continue.
Allowing the naked short selling that has taken place is a total farce. If I sold a car to someone they would expect delivery ... If I sold a house to someone they would expect delivery ... the same should hold true for shares sold in the stock market.
It's high time that the powers that be took back control of what was once a proud nation ... get er done boys.
Jim Wiseman
Proud Canadian Resident
Lucky to be a CMKX shareholder