October 9, 2008
SIRS; Re the naked short rule
1. There is no requirement for hedge funds(massive naked shorters) to follow the rule;
2. Is it only options Market Makerss that have to follow the rule and not self-appointed MMs such as Knight Securities who have bashed
publicly listed shares, not just options; ALL market makers on ALL exchanges should have to follow the rule and MMs should be appointed by the listed companies, NOT self appointed so they can fudge the rules;
3. Nothing about the coverage of all the counterfeit shares out there from DTCC;
4. the real issue is not even mentioned - that the DTCC lends out shares to cover shorts that they do not have on deposit, thus creating all these counterfeit shares and massive fraudulent dilution of the company's shares well in excess of the officially/legallyissued amount; and,
5. no mention of what penalties accompany the rule violation
Rod Smith
Ripped off investor & CEO