August 12, 2008
I strongly feel that naked short selling should be permanently banned. Allowing short selling without first obtaining the shares makes a mockery of any investment. The SEC needs to start enforcing the existing rule against naked short selling. It's a scandal that you're making a big deal about selectively enforcing a rule that already exists. Naked short sellers are manipulating the share price of dozens of vulnerable stocks. This needs to stop immediately No one should be allowed to short unless the broker can certify positively who exactly has those shares.
Without a fair and level playing field, the average investor will desert Americas security exchanges.
M. Taaffe