July 17, 2008
Reg SHO has been a complete failure since it's adoption in January 2005. It sounds good on paper but enforcement has been pathetic. Someone needs to make some heads roll and start criminal proceedings on the crooks that have stolen the savings of hard working investors.
A. There should be no exemptions for options market makers or primary dealers.
B. Short sales should only be allowed after it has been determined that borrow shares are available to the seller.
C. If borrow shares are not delivered on fail date + 1, the shares should be bought in the open market by the broker/dealer and charged to the short seller.
D. Is justice only available to investment banks and GSEs? How can you not allow naked shorting for these types, yet allow it day after day to small junior mining and exploration stocks.
E. Immediate prosecution of repeated offendors and suspension of trading priveledges in all U. S. markets.
The U.S. investors are fed up with your "Do Nothing" policy
and we demand action to put our markets back to where they are efficient and void from corruption. I am counting the days until you people are no longer sitting on your hands but are wearing handcuffs along with all the other "good ols boys."
Barry J. Hothersall