August 15, 2007
Trading in ticker symbol LEND today (8-15-07) is approaching 10X the total float of the company. Is this activity what the 1934 Securities Exchange Act and the SEC's charter would consider an "orderly market" or "sufficient liquidity"?
The SEC simply must revert its obvious bias toward the wholesale investor, especially with regard to hedge funds that manipulate the system through massive counterfeiting of certain stocks, LEND among them, that works against the good of the many for the obscene benefit of the few.
Eliminate the OMM exception, and do it speedily. It might as well be done, since it's been against the law from the get-go. Just enforce the T+3 regulation that's already on the books.
The rule regarding the obligation to inform the whereabouts of all shares marked as "long" must also be put in place, and enforced, as quickly as possible. The mere suggestion of such a rule is clear evidence that the SEC knows very well that lying and deceit are the "daily bread" of too large a sector of the investment community. Why let that go on, unless the only teeth the SEC has are in a glass by the bedside every night?