July 11, 2008
What would happen if I was to call the local authorities with detailed factual information of a bank that was involved in a US currency conterfeiting scheme? My guess is that they would show up at the door of that operation in full force accompanied by FBI agents. The perpetrators would be hauled away in handcuffs, sent to prison, and fined for these evil acts against our government and its hardworking tax payers. Nobody would want to conduct future business with that operation. What is happening in our US investment markets is no different. Creating stock that does not exist is counterfeting Why do we need more time to mull over the facts of blatant fraudulent activities of even greater magnitude? The confidence which is critical to our investment markets is plummetting like never before. Domestic and international investors are pulling their funds out of our markets and who can blame them. Action needs to be taken now The SEC needs to start enforcing its regulations against NAKED SHORT SELLING and eliminate the Market Makers exemption.