April 23, 2009
I have been investing in stocks for over 25 years. I also was a licensed stock broker having passed the Series 7. There have been times in recent years where I have witnessed stock action which to me has to be at the very least manipulated or at the most just plain fraudulent. How can the SEC put a rule in about shorting and not inforce it. It is illegal to short stocks without having the stock to short(sell). Why then did the Commisioner of the SEC make a statement in the fall of 2009 restricting the naked shorting of 14 stocks(mainly financial) for a period of time. It was already illegal. It was against the law yet by making this statement he admitted the law was not being inforced. If you who enforce our laws in this country pertaining to the financial markets do not get a hold of what is going on we are a doomed nation. I have never in my life thought I would see the scope of scandals, cheating, fraud, and destruction of our system by greed which has taken place. You, as the enforcer of our laws to look out for our financial system have shown everyone that you are completely inept. You can go after Martha Stewart when all around you there is massive corruption which you choose to ignore.
Why should this regsho even be brought up for discussion???? It is ILLEGAL How can you allow people to short stock which they do not control the shares. Can we start buying stock without delivery of funds to pay for it? There have been companies who have a stated number of shares which have had more than their total outstanding shares shorted. They can short a stock to infinity and eventually it will collapse no matter if it is a strong company or not. This causes investors to lose money and the workers to lose there jobs. This is law. Start doing your job and enforce the damn law