July 16, 2008
To Whom It May Concern,
Regarding today's announcement to combat illegal naked shorting, why is it that this law is enforced only when it threatens stocks of the larger financial secotr community like Goldman, Lehman, Bear, etc?
Are the principals at Goldman, et al, good friends with the principals at the SEC??
There is a website that tracks (illegal) naked shorting. It's called "Buyins.net." I ran across this service when junior mining stocks I had invested in had exhibited extremely peculiar behaviour that was quite contrary to the financial health of the companies (see for example GBN and ICO). These stocks appeared to be targeted for manipulation by unknown parties. These shares appeared at times to be so oversold that more shares were being sold short than actually existed. Something was afoul. Failure to deliver to the nth power!! Come on, do something about it!
I am simply an individual investor; however, naked shorting is seriously impacting my financial health, sense of fairness, our system here in the USA, and I am obliged to complain that such rules as 'failure to deliver' should be policed so that ALL industries, and ALL investors, big and small, bankers or commodities, whatever they are, should be treated fairly and similarly.
I am now complaining to my congressman and senator.
Thank you for your attention.
David Buthman