July 17, 2008
Several points:
1). It's a shame that you must go through this charade of extending the comment period the decision is made already and it's a sad day.
2). Who got us into this mess to begin with? Answer: the banks. They agreed to provide loans to unqualified individuals without any proof of credit worthiness. Why does the American taxpayer need to pay for bailing the banks out? Eliminating short sales on financial entities is a form of protecting the banks - we see that.
3). Why not eliminate short sales and naked short sales on ALL equities and commodities if the SEC's intentions are valid? Isn't speculation behind oil? (corn, wheat, gold, etc). Why single out financials other than to help them out of the mess that they created?
It's criminal to let these guys go 2000 -2007 then when the bubble bursts in 2007/2008 decide to help them. Haven't they made enough money at the consumers expense? Let's ask the 200K people who loose their house each month if we should help the financials out.
Wasn't this regulation modified in 2007? Why change again? Why pick out one sector (the one in trouble)? Why let them continue their scheme in other areas? Will this become a quarterly event for you so we can rescue the rich guys when they get burned/caught in their own game? (Example, look at precious metals, silver in particular - how can certain entities be short the metal several 100X more than the quantity of metal that actually exists?).
It's great that the SEC is waking up to the crooked game It's a shame that it's for the wrong reasons and will only help those that started this mess. Too bad you're only focused on this one burnt down building and not paying attention to the smoke and flames on the rest of the block Looking forward to your next try in a couple of months from now hopefully you'll get it right one of these days. Good luck