From Millerd1 at the NCANS Yahoo Group,
National_Coalition_Against_Naked_Shorting@yahoogroups.com
This needs to get to our local paper business section, here is a copy of my letter, please feel free to use any content
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I am reasonably sure others have written you letters regarding Naked Short Selling issues. The SEC asked for comments on how to adjust Reg SHO to put an end to this problem. Might I suggest you read these three submissions to the SEC specifically. There are many more at the fourth link I will provide you. If you are not the appropriate writer to cover this issue please feel free to forward my email on to the appropriate person.
www.sec.gov/comments/s7-12-06/jpborg7410.pdfwww.sec.gov/comments/s7-12-06/mhelburn5643.pdfwww.sec.gov/comments/s7-12-06/mhelburn5381.pdfThe list and link to all the comments is found here:
www.sec.gov/comments/s7-12-06/s71206.shtmlThere is a petition to congress forming here that addresses the latter two letters, found here.
www.PetitionOnline.com/mrktrfrm/petition.htmlIf you should need a short course on naked shorting issues and consequences I offer this additional information. Here is a a short course on what naked shorting does to a company and why you need to act upon this issue.
UNDERSTANDING ILLEGAL NAKED SHORTING AND WHAT IT DOES TO THE MARKET PLACE;
A definitive succinct overview course: The Dark Side of the Looking Glass, found at this link location:
www.businessjive.com/nss/darkside.html Patrick Byrne, CEO of Overstock.com, wrote and narrated this presentation in order to give momentum to the market reform movement.
Or the new: zipped version of Darkside presentation for offline viewing and redistribution found at this link location:
www.businessjive.com/nss/darkside.zip WHAT ONE STATE HAS DONE TO ARREST NAKED SHORTING
Utah Law, found at this link location:
www.le.state.ut.us/~2006S3/bills/sbillamd/sb3004.htm ,
Utah Governor's very latest Reg SHO comments on fixing NSS found at this link location:
www.sec.gov/comments/s7-12-06/s71206-191.pdf and the letter from Francine Giani, Executive Director of the Utah Dept. of Commerce, found at this link location:
www.sec.gov/comments/s7-12-06/s71206-195.pdf Comes this excerpt from her letter to the SEC on Reg SHO.
" A national solution to this problem is preferable. However, if the Commission cannot deliver a national solution, this state will increase its efforts to identify those firms causing settlement failures and, when justified, bring enforcement action. While the filing of enforcement cases is not the optimal means of encouraging market discipline, it is our most potent option until regulatory requirements are implemented to prevent abuses."
WHAT ARE OTHER STATES ARE DOING BESIDES WHAT UTAH IS DOING?
LA's & Az Rep.
Rodney Alexander, U. S. Representative – Louisiana
Rick Renzi, U. S. Representative – Arizona
Found at these link locations:
www.sec.gov/comments/s7-12-06/s71206-152.pdf www.sec.gov/comments/s7-12-06/s71206-153.pdf REG SHO CONSTRUCTIVE COMMENTS FROM RECOGNIZED AUTHORITIES
Here is a short, sweet, to-the-point comment letter to the SEC on Reg SHO, written by the US Chamber of Commerce, found at this link location:
tinyurl.com/yjefyeTHE SYSTEMS PROBLEMS AND DEFICIENCIES AS DESCRIBED BY EXPERTS:
Dr. Susanne Trimbath's white paper on the deficiencies of our system, and the dishonesty of our clearing and settlement apparatus, as well as our regulator, found at this link location:
www.sec.gov/comments/s7-12-06/strimbath7022.pdf Dr. Jim Costa's description of the Reg SHO system maladies, and solutions, found at this link location:
www.sec.gov/comments/s7-12-06/s71206-150.pdf David Patchs' masterful letter describing how we got where we are today is found at this link location:
www.sec.gov/comments/s7-12-06/s71206-149.pdf or Robert Shapiro issued forth a comment letter that is as comprehensive as it is coherent discussion. It is a damaging indictment of a system run badly amok, and is required reading found at this link location:
www.thesanitycheck.com/Portals/0/SHP.pdf An SIA letter on the rampant proxy over-voting caused by legal and illegal naked shorting found at this link location:
www.thesanitycheck.com/Portals/0/Att.pdf EXAMPLES OF ILLEGAL NAKED SHORTING CONSEQUENCES TO BUSINESSES:
Patrick M. Byrne, Chairman and Chief Executive Officer, Overstock.com and the consequences for his company found at this link location:
www.sec.gov/comments/s7-12-06/s71206-196.pdf A comment from a Canadian broker/dealer with 39 failed attempts to obtain the stock certificates that he paid for found at this link location:
www.sec.gov/comments/s7-12-06/ggwhitlam6371.pdf Global Links is a very tiny company, but it is one example of an intensifying debate that is going on in the markets and at the SEC about possible market manipulation. The consequences and FTD for Global Link found at this link location:
www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/430/Default.aspx Thank you for your kind attention