September 15, 2005
By allowing this rule to stand, the peoples government is allowing publicly traded companies in America and their investors to be taken advantage of by thugs in the trading rooms of questionable broker dealers here in America. This practice is clearly a violation of the market trust that American investors have come to rely upon over the centuries. Our regulatory czars must put a stop to naked short selling, it disrupts an otherwise smooth trading system and allows for dislocation of a companies real, legal number of outstanding shares. The SEC should regulate naked shorts because it allows an overstating of a public companies authorized and outstanding shares.
It does further the public trust in the securities business.
Many of us, the public, pray that for once the SEC will act on the public's interest, not Wall Street's.