April 16, 2007
Thank you for allowing me to comment on this proposal for the 703 billionth time.
As an investor, I want to take this opportunity to congratulate you for doing absolutely nothing to protect me or the public companies trading in the American market.
It is with the utmost sincerity that I offer my personal critique of your work over the past few years, and ask respectfully, who do you work for?
Regulation SHO was implemented January 3, 2005. Not only is this "so-called regulation" a farce, but it was enacted as a means to silence the critics who demand a fair market.
With the decision to insert the "grandfather clause", your sub-standard regulation was doomed to fail from the start
To provide support for this conclusion, I refer you to the thresh hold securities list. There are several companies who have had continuous open positions for hundreds of days. The trade settlements are not being enforced, nor have they ever been.
Do not pretend that the fails exist in different brokerages and clearance corporations. We all know how the "shuffle" game works. If you act as though you are clueless to how the fails are shuffled from one place to another, you do not deserve to have your jobs.
You have the ability to show the world that our concerns hold no merit. I challenge you to publish the brokerages and clearance corporations responsible for the open fails.
Most of us have became professional dot connectors, and are "up" for the challenge.
You CANNOT have two sets of rules where regulation and enforcement are vital factors. I have personally witnessed reports where an individual convicted of fraud was liable for hundreds of millions of dollars, and brokerage banks are given puny fines of hundreds of thousands to possibly two million dollars, while the ill gotten gains netted by each were similar in comparison.
Is it easier to prove that an individual had the intentions to deceive even though it is their first offense, compared to a corporation who has been sanctioned, fined, and penalized numerous times for reoccurring violations?
If you have a problem understanding an egregious act, please refer to the Steadman factors. I think you will find that a majority of the brokerages are guilty of violating all five.
Also, you might want to review your own behaviors concerning the Steadman factors. Do you think any were violated when you decided to fire Mr. Aguirre?
"The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."
It is my opinion, as well as an overwheming majority, that you have failed miserably to honor your mission statement.
Consistently you have aided and abetted the enemy. You have punished the victims instead of the culprits. You have been drinking too much "juice" and not enough common sense.
Also, how does the issue of investor lawsuits enable you to submit an opinion to the Supreme Court to aid those who are responsible for fraud. Do you NOT understand your own mission statement?
Hell, if you were actually doing your jobs, there wouldn't be so much concern regarding this issue.
You are NOT chameleons Your true colors are showing
Everyday you delay MEANINGFUL reform, is another day granted to educate others about the rigging of the system. I see the crap hitting the "fan" in the very near future. Think of yourselves as the "fan".