September 11, 2007
I thought that the elimination of the "Grandfather Clause" was going to end this scam against the citizens of the United States of American. We investors have been denied our Constitutional Rights and our Civil Rights. When the "Grandfather Clause" was eliminated, the criminal liability should also have been eliminated. Why would these "naked shorters" want to cover, when they know no criminal charges will come to pass. What will happen to the shorts that still have not covered by 35 days after Oct. 15th. Is this another delay by the SEC to make those not have to pay for their illegal activities? When I buy a stock, I must have my money in my account in three days. Why are the brokers, dealers, hedge funds and others allowed special consideration. Isn't that against our Constitutional rights and Civil rights? Time to follow, "For the people, by the people." In fact the word "ALL" should be added on to that, because it seems not all are considered equal. Whether you are rich or poor, you must follow the laws set forth by the founders. You also state On number 3 about abusive naked short selling, "while not defined in the federal securities laws.", if the securities are not delivered as you state, then electric counterfeiting of a U.S. Security is happening and should be punishable under the same laws. Furthermore, when the brokers take money out of an investors account, but do not deliver that security to the investor, this becomes money laundering and punishable under The RICO Act. A huge injustice is being done to the small shareholder that needs to be correct.