April 25, 2009
I trust the members of the SEC to help provide ground rules that are fair and enforce violations. Madoff? Enron? Bear Stearns? The public is more aware than ever (Daily Show and interview with Jim Cramer) that we seem to be playing a rigged game and frankly a lot of my generation of "investors" have left.
Do what you want with the uptick rule. Reinstate it. Drop it. Whatever. It's all a bit of a red-herring. If you want to have ANY CREDIBILITY WHATSOEVER and save what little you do have with the markets...investors are patiently waiting (the ones still left) for you to enforce REG SHO.
How can a company's stock have a short interest higher than its actual float?
EVEN THE DUMB PUBLIC GETS THAT POINT: if you let folks simply "promise" to deliver a shorted share without having to actually EVER deliver it...and NO ENFORCEMENT of said delivery requirements....you have a crooked game.
I go long stocks. I go short stocks. I play by the rules. I wish the SEC would require others to do likewise. ENFORCE REG SHO
Require delivery of shares or at least require a firm identification of shares that actually exist prior to allowing for the short position.
I know I'm Screaming into the wind here for some justice. But at least I did my part in documenting this fleecing of our investment.
Cordially,
Manuel Rios
Richmond
Investor: 15 years