July 18, 2008
Question please:
Who pays SEC salaries?
Would that be taxpayers?
Incidentaly would the taxpayers also be all the citizens of this country that also invest in this financial market in many many different stocks?
http://www.sec.gov/rules/other/2008/34-58166.pdf
However in this link chairman Cox says he will protect and enforce already accepted rules against naked shorting and failures to deliver only on handfull of picked banks.
This leaves the whole rest of the market unprotected and unregulated as to naked shorting and failures to deliver.
This also means that the rest of investors and companies in this market will be left totaly unprotected and sec will not enforce the rules they already have for all but only for some.
Appendix A
Company Ticker Symbol(s)
BNP Paribas Securities Corp. BNPQF or BNPQY Bank of America Corporation BAC
Barclays PLC BCS
Citigroup Inc. C Credit Suisse Group CS Daiwa Securities Group Inc. DSECY Deutsche Bank Group AG DB Allianz SE AZ Goldman, Sachs Group Inc GS Royal Bank ADS RBS HSBC Holdings PLC ADS HBC and HSI J. P. Morgan Chase Co. JPM
Lehman Brothers Holdings Inc. LEH Merrill Lynch Co., Inc. MER Mizuho Financial Group, Inc. MFG Morgan Stanley MS UBS AG UBS
Freddie Mac FRE
Fannie Mae FNM
How can this be possible, that rules will be enforced for protection of only some while others will be left to stay unprotected and damaged?
If failure to deliver is damaging to these companies and they will be protected and rules will be enforced so they are not naked shorted and there is no failure to deliver in these stock, is it not damaging to all the other companies in the market?
These rules were made for the whole market and for protection of all investors in the market and all public companies in the market.
Sec's job as i understand it is to make it fair for all.
Picking only some companies to be protected from naked shorting and failure to deliver does not equal protection of all and regulating of all market.
This is a win for some and continuation of failure for all others.
For all the shareholders that have other stocks besides these hand picked large banks and government agencies that will be protected this is still a failure.
Failure to deliver and failure to protect all the shareholders and all the companies equaly.