April 1, 2008
To whom it may concern:
Absolutely no "Naked" Short Selling Anti-Fraud Rule is needed The Securities and Exchange Act of 1934 (that the SEC is charged to enforce) specifically spells out the T+3 day deadline for settling all transactions. If they could do this back then before electronic development, what possible excuses can we have for this now??? IF the SEC were doing the job they were charged to do, there would be no (or very little) naked shorting going on - it is as simple as that. WHY DO YOU SIMPLY REFUSE TO DO YOUR JOB?
Can it be that your leaders come not from a regulatory background, but are actually hand-picked from the most powerful and successful candidates from the most influential Wall Street Brokerage Firms? Can it be that these folks are NOT THERE to administer the statutes, but to guide SEC policy and action around any issues threatening any of these major firms or Wall Street as a whole? How can any thinking person think otherwise when most of these same SEC leaders return again to even more rewarding positions back at their brokerage firms, after earning their reward protecting Brokerage "profits" at the SEC?
How many Gary Aguirre's, for instance, have there been that the public has never heard about? Time and time again, the SEC cover up the misdeeds of senior SEC officials and choose to ignore that they have a huge Public Relations problem, as a result.
Is it any wonder that President Bush is now moving to give regulatory power to the Federal Reserve, simply because the SEC simply sit on their hands and becloud the issues at hand? One wonders perhaps why he would choose to turn over such very significant powers to a group of non-governmental bankers, rather than demand that the intended regulatory body - The SEC? Is he that desperate? If this is not an abdication of Presidential responsibility, surely it must at least represent a total lack of presidential confidence in the SEC? At any rate, your agency has lost the confidence of the investor community and bear a huge responsibility for what we see now happening in the US Economy.
We, the public, demand ACTION from you using the very clear and effective regulations you already have in place to permit to to do your jobs. Not to do so, and to engage in regulatory gamesmanship is regarded by many as simply treasonous, at this juncture. It is time for you to scrap that other piece of useless ruling - Regulation SHO, and finally ACT on Naked Short Selling
Sincerely,
Peter Ireland