October 17, 2008
Naked Short Selling is not something that just all of a sudden happened as the SEC seems to describe it. It is a crime that has been allowed to infect our markets since at least the beginning of the Bush administration. This has been done ON PURPOSE by this administration for the purpose of increasing hedge fund and investment bank profits. I own shares of Dendreon Corporation (DNDN) of Seattle, Washington. These shares have been on the SHO list for an extremely long time. In my opinion the SEC's methods for dealing with Naked Short Selling to date have not worked because it has not really tried. It's really only been lip service in order for it to say that it did something about the problem. In my opinion, it is more important to the George Bush SEC that hedge funds and investment banks get theirs and make a good profit even if the process involves STEALING average Americans' hard earned wealth by this horrendous illegal thievery. The commissioners of the SEC have been over the last few years and are presently complicit with these white collar criminals and charges should be brought against them. If found guilty they need to spend time in jail. The first person to face charges should be Christopher Cox. This man has facilitated the financial terrorists in every way possible and is a true traitor to the working men and women of this country.
The illegal manipulation of Dendreon shares is a perfect example of the ineptness and corruption at this SEC. This company is endeavering to bring us the cure for cancer and yet this SEC allows hedge funds such as SAC Capital and investment banks such as UBS to decimate the PPS with unauthorized counterfeit short shares. There are probably more bogus shares in the hands of investors than real company issued shares. This has restricted the company from raising sufficient funds in order to bring its immunotherapies to market in a timely way (for present cancer patients). This is a disgrace. This is not a free market. It is a rigged casino!!! And all for the sake of what---PROFIT for a few white collar criminals? It just makes a person wonder-- How many people in the upper management of the SEC are on the take here? I mean, almost everything this SEC does is to the detriment of the small investor (the majority of Americans, by the way).
SEC: How many countless American families- fathers, mothers, children- are you and your criminal buddies going to crush and destroy for the sake of PROFIT before you say enough is enough and stop the lunacy. Stop all naked shorting !!. In fact, stop all shorting!! Who needs it? The "it adds liquidity to the markets" argument is a bogus one as we all know. Most of the world's markets function perfectly well without the ability to short. Our markets functioned perfectly well without it until it was introduced. It's become a vehicle of capital destruction by unregulated hedge funds and other groups. We don't need it. At this time in our stock markets, eliminating shorting would be just the right tonic for the market --"just what the doctor ordered". Of course, it remains to be seen if the SEC has the balls to take such a step over the objections of their buddies, the hedge funds and investment banks. Most people familiar with wall street believe that the SEC is a "CAPTURED" government agency, not working for the American public but for special interests (providing cushy jobs once you leave the agency, otherwise known as bribery). The present SEC has well earned this perception by its actions (and inactions). It has worked against the good of the people.If you really wanted to prove to Americans that you are still independent, eliminating the practice of shorting stock would be a good start. The corruption at this agency has got to come to a halt, once and for all!
JANUARY, 2009 CANNOT GET HERE FAST ENOUGH------------GOOD RIDDANCE!!!
My name is: Melvin Flores of Lowell, AR , Please include these comments in the comment section for the new SHO and Short Sales Rules Proposals.