July 14, 2008
Regulation SHO was implemented to stop fails to deliver. Since the implementation of Regulation SHO Ive seen the same companies appear on the list day after day, week after week.
Implementing a regulation and policing a regulation are two separate elements. It is criminal to allow fails to deliver to remain on the books. We as investors need transparency. Transparency must include the names of the entities that continue to sell fails to delivery, amount of shares and monetary gains.
Speaking of monetary gains, I would like to take this opportunity to address the despicable crime of Naked Shorted Shares. In the recent past the SEC would not recognize that Naked Shorted Shares existence. Now I believe the SEC has ample information at their disposal to proceed with criminal investigation and imprisonment of those individuals that stole monies from investors. Monies stolen from people that worked hard to earn the money, believed in the American Way and placed their monies in what they believed to be a creditable system. I for one believed in the system only to have the system fail me. As investors we the people deserve transparency. The individuals that committed these despicable crimes must be punished.