December 5, 2008
Hello. I am writing to you about the financial crime of 'naked short selling' that is continuing to occur in our markets. Naked short selling is the true cause of our current financial crisis. If it is not stopped, the criminals perpetrating this crime may bring our whole country down around us while they run off laughing with our wealth.
It must be stopped now. The quickest way to stop it is to reinstate the uptick rule. It would also be a good idea to add a 'hard borrow' rule forcing short sellers to actually borrow real shares before they sell them.
These naked short sellers are destroying companies, jobs and lives. They are transferring the wealth of hard working Americans to themselves through fraud.
They are committing this fraud not just on the stock markets but also the commodities markets and even US Treasuries markets (among others I'm sure) from what I have read.
In the long run I think a good tool to introduce transparency and oversight into our markets would be to implement real-time settlement systems in as many of our markets as possible (stock markets, commodities markets, futures markets, etc.).
Please consider my message carefully and actually work to correct this problem which is probably the biggest (somehow unheard of in the American press) issue of our lifetimes. If you would like more information about this issue, please refer to the excellent information on the www.deepcapture.com website. Thank you.
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John Merriam