April 24, 2009
Your proposed new rules appear weak as far as protecting companies from short sale attacks. Please close the loop holes and provide some protection to investors who want to invest their hard earned money in the Unitied States of America.
Please address:
Abusive short sales i.e. Market makers and shorters driving down a security price by dominating the market with lower and lower bids.
Phantom shares. There is no room in a market of the 21st century to allow shares in a security that don't exist. The past FTD rules are a joke and allow brokers and shorters to just pass around the FTD.........there is not one good reason for phantom shares to exist. All securities have massive amounts of shares available and if there are not enough to go around for the market to maintain liquidity as the existing logic states?...That doesn't make any sense at all. The market for existing shares is all the liquidity that is needed.
Please resist the lobby of MM's and brokerages to allow that to continue.
We need a rule that will not allow brokers to loan out our shares without our knowledge and permission. They should receive stock owners' permission before being allowed to use our stocks against us.
This is a such a simple thing to address. Do your job. Do not do the bidding of the market lobbyist that are just trying to milk tons of $$ out of a tilted system.
Please restore the faith of the American people by protecting the investor from abusive market attacks.
Thank you
Alan Sharp Chanute, KS