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My letter to Se...

My letter to Senator Feinstein 3/21/07

mhatmccane

409 posts

Joined
1/20/2006

My letter to Senator Feinstein 3/21/07
Posted: 21 Mar 07 12:08 PM

I have written to you several times last year regarding Wall Street stealing Main Street's money with FTD (fail to deliver) scams and have seen NO action on your part. I am once again calling your attention to the continued inaction by the SEC and the Senate with the following from a recent meeting in Washington, D.C.:

Straight from DC and the US Chamber Summit on Capital Markets is the story the mainstream financial media will not be writing about.

In the Q&A session with Chairman Cox one in the audience had the opportunity to hit Cox Squarely where he stands. Transcripts below:

"AUDIENCE MEMBER: Chairman Cox, Jonathan Johnson, Overstock.com. You have mentioned in the past that abusive naked short selling is being used to manipulate stock prices down to the detriment of investors. Last month, the Chamber sent a letter requesting that Congress hold hearings on the issue and last night Bloomberg TV ran a piece, a special report, on this issue. What is the commission doing to stop this form of manipulation and when can we expect some action?

CHAIRMAN COX: Abusive naked short selling is of great concern to the entire Commission, to all of our members and the professional staff at the SEC. The regulation that was first adopted to get after this and related problems, Reg SHO, has proven insufficient to stop the problem. One of the reasons is the Grandfather provision in the rule as it was originally adopted, so we are now setting out, as you know, to eliminate that grandfather provision. And we will do more. Just as Congress may well have hearings on this issue and seek to get more information, so too are we looking at this. As you know, there's a technological side to this. This is very closely connected to our system of clearing and settlement in a very very big market, and we want to make sure that we use technology as our friend in relating, potentially and at all times, ownership and particular shares rather than waiting until the end of an arbitrary period of time to match those things up. It's those sorts of things that I think will eventually help us, I think, put an end to this kind of abuse. And I know that people victimized by it have a great deal of right on their side to complain about it."

Please stop ignoring this. It is to important to delay further.

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Wall of Letters

My letter to Se...