Message 22817216
VERY IMPORTANT ALL WHO ARE CONCERNED ABOUT NAKED SHORT SCAMMING - URGE ALL TO SIGN THIS SEC COMMENT LETTER
NCANS Comment Letter Signature Update
Location: Blogs Bob O'Brien's Sanity Check Blog
Posted by: bobo 9/14/2006 8:41 PM
If you haven't read it, take out a few minutes and read the NCANS comment letter to the SEC. We've added a few paragraphs near the end, but it is pretty much complete.
One thing you may notice as you read other comment letters is that NCANS places much of the blame for the current state of affairs on two things - security entitlements being credited to investor accounts without any underlying securities to support them (essentially a futures contract for a share at some unknown point in the future), and exceptions for market makers that provide them with a competitive advantage over investors and other participants - they are essentially being provided a business edge, at investor expense, sacrificing investor protection and the public interest in order to provide liquidity to a select group of business interests. Something the SEC is NOT empowered nor authorized to do, and which is in fact counter to their mandate in the 1934 Act.
Read it.
And then please, join the 730 people who have so far sent in their contact info for their name to be added to the letter.
The goal is to get to at least a thousand, if at all possible. It's been a push due to the busy fax line. I thank you all for your patience.
Please, email me your name and contact info, and put in language that says, "I support the NCANS letter and authorize you to affix my name to the letter." We are getting close. Let's push it over the top.
NCANS.mgr@gmail.com is the address.
I am personally typing in each name, so nobody else is seeing your info, and it won't be provided to anyone for any reason, other than to the SEC if they want backup for the signatures being bona fide. The final letter will have all the names, nothing else, no signatures, no contact info - exactly as many of the industry letters have names.
A thousand signatures saying fix this now. Sent in over one week. That's powerful. It's time to decide whether you are part of the problem, or part of the solution. We've done the heavy lifting. Just typing the names in have occupied several days of my time. Nobody has charged you a dime to create a significant white paper that comprehensively addresses the causes, and the solutions. Our volunteers have spent weeks working on this, editing, rewriting, arguing over solutions, testing the logic, crafting the language.
Send the email. Make your voice heard. This is your time to do something.
Copyright ©2006 Bob O'Brien |
