March 23, 2009
To The 'NEW' SEC...
EVERYONE knows the 'OLD' SEC was asleep at the wheel.
It is time to protect the average investors, and not the super-rich people & companies trying to manipulate, scam and rob the investors. ---------------------------
Excellent email from "jfarn" : Re: Follow Up--CMKM/SEC Civil ActionSunday, March 22, 2009 7:11 PM From: "jim f" View contact detailsTo:
Director Schapiro, Mrs. White, Mrs. Hakala,
You all can pretty up the CMKM pig and portray that it was nothing more than a grandiose, pink sheet, scam. Insiders dumping billions of shares were surely problematic and detriment to CMKM shareholders. The problem is that you folks want to limit the conversation to a few insiders, one small time attorney, unregistered shares, and one broker. It is not difficult to recognize your organizations negligence or simply put; pitiful regulatory role that has excacerbated the fraud exacted on 50,000 thousand investors and is major reason why our country is dealing with the financial situation we are currently in.
Senator Kaufman has it correctly regardless of your organaiztions efforts to portray the situation otherwise. I am pleased to see that the masses are beginning to realize that you folks were a sleep at the wheel over the last decade.
J. Farn
------------------------------------------- Sen. Kaufman noted the Division of Enforcement of the Securities & Exchange Commission (SEC) had failed to bring a single enforcement action after receiving 5,000 complaints about naked short selling practices between January 1, 2007 and June 30, 2008, and then failed to take seriously criticisms and recommendations in yesterdas report issued by the SEC Inspector General: “Qractices Related to Naked Short Selling Complaints and Referrals [ http://www.sec- oig.gov/Reports/AuditsInspections/2009/450.pdf ]
Mr. President, I ask unanimous consent that this story be placed in the Record. http://www.bloomberg.com/apps/news?pid=20601109&sid=aB1jlqmFOTCA&refer=home
The new SEC leadership has the opportunity to make the SEC a “dan d agency once more. The SEC is scheduled to meet on April 8 to discuss the uptick rule and abusive short selling. The Chair and commissioners should move quickly to adopt the uptick rule and a pre-borrow requirement. If not, Congress should do its part and direct the SEC to do that quickly.
After yesterday’t IG report and the Enforcement Divisios abysmal response to it, m even more convinced that SEC Chair Schapiro needs to grab the reins quickly at the SEC, and get back to standing up for investor interests to restore confidence in the markets. If the SEC wot do it, Congress should require them to do it.
Mr. President, I yield the floor.