July 17, 2008
Given what's gone on in the precious metals sector over the past two years, this proposed rule on naked shorting is an utter and complete joke. Can we say "selective enforcement"?
Only, ONLY, when the chosen, the elite get in trouble are you suddenly concerned about naked short selling. It is obscene.
In the precious metals sector we've endured blatant naked shorting to the point that some companies have been sold down to where they are now "valued" by the market at virtually pennies to the value of their assets. Insanity.
Or not. In many cases this has been done to prime the pump so that companies can be stolen by others.
But now, that the big boys are getting gored, you do something.
Sadly, like many other government entities during the Bush administration, you guys have become a sad, sad, sad joke when it comes to "protecting" the average rank and file investor.
If this passes and you only enforce it in the banking sector, it will announce to one and all, that you are totally, completely and utterly on the side of the big banks.......and no one else.
Please, change your ways. Please. Protect us all, or protect no one.