January 1, 2011
i want all of your rules implemented that you have proposed. we need a fair marketplace. we need rules for all trades applying to all people and companies. investors need protection even if they don't understand that they do.
naked shortselling has led to phantom shares in the market. they need to shake out. they need to report the real # of shares shorted. short sieges for extended periods of time should not occur.
while there is fraud in this market, shortselling is not the answer. the SEC needs to proceed against fraud. timely financials should be required or the company should not be allowed to trade. maybe audits should be required.
shortselling $ is not in the market. it is taking $ out of the market. we need places to put our capital. hedge funds and "advisors" should be regulated. actions of the clearinghouse need to be legal, not driven by the ethical dilemma where shortselling brokers who make lots of $ are the ones that write the rules for the clearinghouse.
if finra wants to continue to license brokers and dealers, fine. but if people break the law, then the SEC must proceed. you cannot leave it up to finra because they don't do anything re: discipline.
shortselling and not borrowing shares IS a fraud.
if you want the economy to get better, you will proceed with the rules to improve the marketplace.