August 12, 2008
Another Comment Period I have been writing comments to the SEC for 10 years. It appears that all the SEC can figure out to do is delay and postpone action by requesting more Comment Periods It is time that the SEC, DTCC, FED Governement Officials decide to uphold the laws on the books and do the jobs they have been hired to do.
I am angry that the SEC has chosen to ignore their responsibilities and allow Criminal Activity to go on freely in our Markets. This is worse than incompetence and totally unaceptable. This illegal sale of ghost shares activity is the biggest crime on the American people that I have ever seen. It is illegal to sell something that doesn't belong to you...whether it is candy or shares of stock in a company. These officials not only should be fired on the spot, but they should also see prison time for Treason. I am not a disgruntled shareholder who just wanted to see my stocks go up as Annette Nazarath and other's in the SEC have stated. I am a USA Citizen that wants our laws enforced and the shareholders and small companies protected as commissioned to these people when they took office. They need to quit turning a blind eye and deaf ear to those of us that have been sending our comments.
The SEC requests comments, but they only select certain comments to show on their web site. I sent a comment on July 19, 2008, but you selectively culled it from appearing on your site. Hmmm What did you not want known? The SEC has sat around requesting comment period after comment period for the past 2 to 3 years about Naked Shorting, Conterfeiting Stock, Fail to Deliver Shares...or whatever they decide to call it (all the same). All this time the ordinary citizen has watched their savings dwindle, their home's repoed, jobs cut and salaries cut...people are hurting unbelievably and their retirements are gone. We are now seeing an absolute disaster, our young people will have to suffer due to this illegal practice... and the failure of the SEC to enforce laws that are already on their books. It is pathetic. The SEC jumps in with an Emergency Rule to stop Illegal Naked Shorting on 19 major companies, but the little guy can just go on suffering. Unbelievable It is illegal..It should never have been allowed in the first place, and should have been stopped years ago. The bottom line is... The Congress, Senate and the SEC needs to get on top of this. The practice of NSS is pervasive... and the SEC has done nothing to stop it. Moreover, the SEC has known about this problem for years. There are no excuses good enough, and there has to be penalities that are severe enough to meet the crime. End the Comment Periods NOW. There is no necessity talking about the need for Liquidity in the markets. That's just an excuse that guilty Shorters have chosen to use. The SEC needs to take action, and should be held accountable to investors for their past failures. We need to go to T+3 settlement periods, just as the European markets have done. And, short sellers need to "Buy-in" when they fail to deliver. I am just an average Joe/Jane USA citizen. I personally cannot boast about holding a Title as CEO of a major Company, nor add Doctor or Lawyer to my name but I am smart enough to see all of the corruption that is being allowed to take place. If the officials hired to run the SEC and Government Offices cannot do their jobs...get rid of them. Simple
July 29 (Bloomberg) -- The U.S. Securities and Exchange Commission extended an emergency limit on short sales in shares of Freddie Mac, Fannie Mae and 17 brokerages as it prepares broader rules to thwart stock manipulation. I expect and demand that the SEC begin right now to enforce the laws and stop this Illegal Activity in every area of the Market. Also, quit trying to confuse the average public with the language of legal short sales and the illegal naked short sale twisted wording. This is destroying so many financially. Enough is enough
After all COX himself stated...But the SEC, Cox said, wanted to prevent so-called naked shorting, which is selling stock without having the borrowed shares lined up. Naked shorting can lead to a "bear raid" on a stock, pummeling it mercilessly. He knows what has to be done NOW
JUST DO YOUR JOB