July 16, 2008
After listening to Chairman Cox on CNBC, it has become abundantly clear that he has no intention of eliminating naked shorting, unless it begins to impact a major corporation, such as Fannie Mae or Freddie Mac, which could further damage the U.S. Mortgage Industry.
With the Presidential elections coming up, the new administration will surely appoint a new Chairman, so why would he stick his neck out and possibly offend those who are most likely to offer him a job, once he leaves the SEC.
As a career politician, Mr. Cox knows how to play the game, which he demonstrated today, by suggesting that naked shorting is not illegal, when in fact, it is illegal in every sense of the word.
You cannot sell, what you do not own. Plan and simple.
Mr. Cox - You are a disgrace to the office and should be removed immediately.