July 18, 2008
1. Current naked short rules entirely inadequate
2. No further exemptions
3. No extended grace periods for failure to deliver
4. No MM or foreign dealer exemptions, as these are probably the biggest abusers
5. Claims of illiquidity by options dealers are inadequate arguments if liquidity can only be maintained via naked shorting that results in abusive and fraudulent manipulation. No compromise with the primary abusers.
6. Equal protection under the law for all securities, not just a few privileged financials. In fact, these very same financials probably utilized abusive naked shorting themselves.
7. Restore confidence in the markets and SEC
8. Eliminate fraud.
9. Protect Mom and Pop retirement investments, etc.
The markets are far too manipulated. I believe in EQUAL FAIRNESS UNDER THE LAW. The recent actions by the SEC wreak of "favoritism". Under the current regulatory framework, the Financial Sector has been given a clear edge over other market sectors. Therefore, I believe there is SYSTEMIC RISK in the overall market as a result of this lobsided action. Please eliminate the abusive "naked short-selling" in all sectors as referenced hereinabove - to level the playing field for all traders and investors. Thank you.
Sincerely,
Russell C. Lemmon