July 18, 2008
"Naked shorting" is a practice that has been winked at for far too long. Anyone who has ventured an investment in small-cap stocks will likely have experience of this damaging scam, as this class of stocks is somewhat removed from scrutiny and are favored prey.
Canadian exchange and OTC traded resource stocks are in dire need of rescue now
For an in-depth and concise presentation describing in plain English the internal mechanisms of this illegal practice(loopholes in the timing of settlement)see "Darkside of the Looking Glass" at www.businessjive.com.
SEC...You Are Late To The Party...But Welcome
I am in support of running these unscrupulous operators to ground.
Do not fashion protection favoring only a certain class (financials), yet allow these predators license to continue their wholesale abuse in other sectors (Natural resource stocks).
There is an ever growing legion of disgusted investors out here, formerly baffled at the lack of official oversight, but no longer willing to assume "someone" is doing something about it.
I encourage you SEC, ACT NOW in favor or your real constituency. Put a final end to this injustice and crime in progress. Do not allow loopholes (grandfathering and hiding FTDs) or lack of enforcement to be your legacy.
This WILL end, one way or another.
You are supposed to be the leadership. Act like it and regain the trust already squandered.
To allow this to continue threatens the very viability of the system.