July 21, 2008
Could you please explain to me the wisdom of taking something illegal(naked short selling) and saying we are now-for a limited time and limited number of securities-going to make this practice MORE illegal? How ridiculous. It really tells us all that they can't or won't stop this practice anytime soon.The good old boy network is alive and well on Wall Street and if I was the head of the SEC, I would expect EVERYONE to be looking at me with a raised eyebrow. Why would you make a rule--Reg SHO--that has no teeth in it? Shorting is a very important part of the market. The problem starts when you are allowed to counterfeit shares of stock. I guess you just have to know the right people instead of knowing the right THINGS.
Respectfully,
Bill Berg