July 20, 2008
Well it's about time Your background document says it all: almost 12 MILLION shares that failed to deliver in a two month period. The short sellers (mostly big unregulated hedge funds) haven't been playing fair and have been completely ruining the market -- especially for "small investors" such as myself who want to simply buy long, accumulate, and wait patiently.
Eliminate naked short sales. Crack down HARD on fails to deliver. Lock up the violators, or at least apply HUGE fines. They know very well that what they've been doing is illegal -- but also know that there were huge profits to be made by skirting the (largely unenforced) rules. Apply this to ALL securities, ASAP. Oh, and bring back the uptick rule too
Thanks for listening,
Greg