March 30, 2008
Why in the world is it necessary to create more regulation to deal with Naked Short Selling? To me, this appears to be yet another smoke screen in an attempt to give the appearance that something is being done to protect the average investor when in fact, you should be doing a better job of enforcing the laws that already exist. Lets prosecute criminally some of the big fish in this racket and/or levy fines that get someones attention not a token fine that in the grand scheme of things, can be considered a cost of doing business.
Naked Short Selling is theft, plain and simple. Not to mention the counterfeiting element that goes hand in hand along with it. That it has been allowed to escalate to the point it has is simply a disgrace and embarrassment to the American people. You do realize dont you that we are one of the few countries in the world that allow this rampant thievery?
As a CMKX shareholder, my rose colored glasses were long ago put aside. I've learned more about how twisted the system is than I ever could have imagined 5 years ago. And Ive watched my hard earned money evaporate into thin air several times while again and again, there are few serious consequences for those that are sitting there just scooping it up and getting away with it as well as those that condone it or do nothing about it when they are in a position to do so.
Its time for the SEC, the Secret Service, the DOJ and the Feds to clean this mess up Oh, and by the way, what about that Fed guarantee to harmed investors of $1.00 per share minimum from the perpetrators of the largest documented naked short in history – CMKX??