July 16, 2008
Please recognize how strongly the practice of illegal short-selling,
so-called naked shorting of options and securities, is undermining
investor confidence and hurting publicly-owned companies' shares. It
is a potent tool of market manipulation that cheats investors every
day. It is a fraud on all market participants that must be stopped.
Delay on your part in implementing the rule changes is tantamount to
being complicit with the perpetrators of this fraudulent practice.
When, not if, you see a mass exodus of investors from the crooked
confidence game the stock and futures markets have become as a result
of illegal naked short-selling, and the market drops another four
thousand or more points as a result, you will see this loss of
confidence and realize it will take decades to repair - if ever.
Does anyone in government have any honor or integrity left? It
appears the SEC is 'in bed with' Wall Street and Chicago instead of
working to protect honest investors. I risked my life for over a
decade in defense of this country. I have worked and paid taxes for
forty years now for what, to be swindled by people whose salaries I pay
but who are beholden to other interests? Enough is enough. I pay your
salaries. I hoped for better from you.
Jeffrey N. Kramer