August 5, 2008
If naked short selling was already illegal before issuing Emergency Order S7-20-08, why is this emergency order required in the first place?
Also, why does the emergency order single out 19 companies, some of whom have been enabling systematic, abusive naked short selling for years? Do other issuers not qualify for protection against illegal manipulation of their shares, sale of unregistered securities, and fraudulent representation of securities entitlements as actual shares?
How does SEC decide which companies deserve protection under the law and which ones do not? I would like to know this so I will know in which public companies it is safe to invest my hard-earned money.
Thank you,
Mark Shearer