. . . . . . URGENT MATTER . . . . .
We have been discussing the problem America faces currently with foreigners short-selling American stock. Message 16391973 The fear factor in America has subsided, yet our stocks continue to drop by large percentages each day. It is my belief that foreigners [non-American citizens] are
taking part in mass naked short-selling of American stocks. Without the underlying borrowed shares, this is known as "naked" shorts. In America, this is an illegal form of short-selling, but foreign brokerages allow it.
The shear mass of this effort is more than our markets can bear. I would not be saying this if I did not truly believe it. I feel that this matter needs immediate attention by not only the Security Exchange Commission, but by the U.S. Congress and the White House. I feel that this is a form of continued attack on America and is a matter of national security.
For the record, I am not against short-selling. If your feet are on American soil, or if you are in possession of shares of the stock you which to short-sell, you should be entitled to short that stock as a form of hedging your investment. However, if you or your brokerage cannot prove ownership of the underlying shares, you should be restricted from being able to short-sell that stock. That is the law in the United States and it should be respected overseas as well. However, it is not. Most all foreign brokerages allow unrestricted naked short-selling. And considering recent events in America causing despair and uncertainty, foreigners are using this "loop hole" to make fortunes from our misfortune.
This must stop. And you can help. Our friend, Gary Swancey aka/Ga Bard has drawn up a brilliant petition calling attention to this matter. Do the right thing as a patriotic American, concerned that the fate of our economy should be decided by the American investors.
Sign the petition, then pass it along to your friends.
petitiononline.com
If you are borderline on whether or not you believe this is happening or not, please allow me to say to you that there would be little damage to our economy by an over-reaction of restricting foreign naked short-selling. Doing nothing, could cause irreparable damage to our fragile economy. So it is my opinion that it is better to sign the petition now and sort out the details later.
Sincerely,
Rande Is |
