January 2, 2007
With all due respect, the SEC has no authority to turn failures-to-deliver prior to 1/3/05 into counterfeit securities by grandfathering failures-to-deliver into the marketplace.
Reading over 300 comments in response to eliminating the felonious illegal grandfather clause is a waste of time. The clause is a felony in and of itself and of course it will be eliminated.
Thomas Jefferson, James Madison, George Washington, Benjamin Franklin and the founding fathers, whose freedom you enjoy everyday, never intended for the United States Government to appoint a corrupt agency (the SEC) to run a crooked casino for the Wall Street Bankers.
When a person or entity engages in a crime by selling that which they do not own and have not borrowed, that person or entity must also accept the consequences of buying back what they had no right to sell in the first place. It is too bad that the perpetrators of the crime will lose money. Such are the inherent risks in the marketplace.
No further statistics regarding Regulation Sho are necessary. Regulation 203(b)(3)(i) is an illegal exception to the mandatory close out rule. I am surprised that professionals of your alleged caliber are having difficulty comprehending the obvious.
The SEC became guilty of counterfeiting and subject to RICO charges the moment the SEC had the audacity to transform failures-to-deliver into counterfeit securities by exempting the inevitable failures-to-deliver, prior to 1/3/05, from being closed out.
Counterfeiting 101
Sheri Turner, CPA