July 17, 2008
Please crack down on the fails to deliver. There are too many people selling stock they do not own or shorting stock that they have not properly borrowed. In effect, this allows these crooks to print their own money. I thought only the U. S. Treasury could do this legally.
The SEC has dithered on this for years. I have a junior mining stock that I have been waiting for delivery on for well over a year. My stockbroker says: we're working on it, its a DTC problem, Computershare problem, blah, blah, blah. With no pressure for actual delivery from SEC nothing happens. Why would the naked short ever cover?
But when Wall Street biggies see Fannie and Freddie stock prices fall they cry like babies. Behold, now the brave SEC forbids shorting on Fannie, Freddie, and the financial stocks. Who cares about all the other stocks? Keep selling them, even if you don't own them. Its pretty obvious that the SEC serves the interests of Wall Street, not the American people. You see, when the financial stocks are falling, the booze and caviar in the Hamptons doesn't taste as good.