July 9, 2008
Its known that the regulation are not working, please do your job before the pople trys to establish the order in the markets.
You know what brokers and investment banks commited fraud against the people, national and international.
The SHO is not working and we both have proof of many cases which are on the table ready to be exposed and settled.
For the good of the system, please act now eliminating the clause of Regulation SHOs grandfather provision.
While the elimination of the options market maker exception and the grandfather provision will significantly strengthen Regulation SHO, these changes alone will not adequately solve the problem that results in continued naked short selling and failures-to-deliver. I request that the Commission (1) impose in Regulation SHO a requirement of a firm location of shares to be borrowed before a short sale can be executed, and (2) enable transparency by requiring timely disclosure of the volume of failures-to-deliver shares of companies on the Regulation SHO threshold list. The Commission should issue and complete promptly a notice of proposed rulemaking to implement these two critical components of effective Regulation SHO reform
Dave