July 18, 2008
First, it's appreciative that the SEC is attempting do do something but it is APPALLING that the SEC has failed re it's charter.
The solutions are simple.
First, get real serious re the false rumors that are rampant on many a message board with the intention of creating fear and the selling of equities. Solution, take action and bring the liars/cheats and theives to the DOJ.
Second: It should never take a Bear Stearns and the resultant damage to the financial sector to get ACTION. Action should be PROACTIVE and NOT reactive. One could simply go back to the timeframe of ENRON to have witnessed the piling on by the use of NAKED SHORT SELLING.
Third: Deliver the shares in a timeline that has been established by law.
Fourth: Eliminate the ability for those who use the timeline of the FTD of 13 days as a way to stay under the wire to then do it again and again and again as they pressure a stock down to their own desires. T-3 and deliver. If they do not deliver force them to deliver.
Fifth: Re options: the options should NOT be allowed to be used to delay delivery. Market makers in such are well aware of timeliens and exploit them often
Sixth. Get serious re those who front run intentionally or are used by the media to accomplish the goal of driving a company into bk or driving the price low enough to force it to be vulnerable for a merger/lbo etc.There are plenty of examples of such. The solution is simple. ENFORCE the LAWS and bring the nefarious individuals to the DOJ.
Seventh: The charter and the mandate for the SEC is very clear. The SEC has failed to STOP THE INSANITY. It is the SEC's legal and moral responsibility to regulate and enforce the law. To date the SEC has failed and the examples of such go well beyond Bear Stearns or the recent attacks on Leh, FNE, FME.
Thank you
John DiAnni