Another open letter to the SEC
Harvey L. Pitt, Chairman
Cynthia A. Glassman, Commissioner
Harvey J. Goldschmid, Commissioner
Paul S. Atkins, Commissioner
Roel C. Campos, Commissioner
Securities and Exchange Commission
Headquarters
450 Fifth Street, NW
Washington, DC 20549
(202) 942-7040
Re: Short Selling and the new BBX Exchange
Dear Mr. Chairman and honorable Commissioners:
This is a plea for a major change for the new BBX Exchange only.
Please! Stop the practice of all short selling via the new BBX Exchange.
Based on the recent arrests of known stock scammers, the huge American-Canadian broker-dealer sting operation, repetitive citing and fines against Market Makers like NITE, and the general knowledge that manipulative naked shorting of mini-MicroCap companies is the mechanism of the rape of the capital market for small developing companies, can't you simply do away with the practice of short selling on the new BBX?
If someone wants to buy Brachs Lemon Drops, they have to go to the store, pay their money, and subsequently enjoy their purchase. If they don't like Brachs Lemon Drops then they don't buy any. But, they absolutely cannot borrow Brachs Lemon Drops from the store, go out and "..bash,," the product in public, and then show up and expect the store to buy back their lemon drops AT RETAIL once they've damaged the market.
There is no rocket science involved in the naked shorting of struggling companies by financiers who have negotiated (floorless or other) Convertible Debentures with small, desperate firms. They then go out and sell short to decimate the company's share price - thus receiving more convertible shares at the conversion. They also profit from their shorting by killing the companies they had purported to try and help.
If this practice was done in the nation's housing market, the people would be rallying in the capital mall, carrying guns, and demanding the over-throw of the Government. Why do we think we need it in the BBX market? Like drugs for children, when it comes to the new BBX Exchange, why can't you "...JUST SAY - NO..." to the practice of short selling in any form?
Please! Stop the practice of all short selling via the new BBX Exchange.
The BBX (formerly OTCBB) and the Pink Sheets are where capital for small, innovative, new technology businesses is supposed to come from. If these scummy, scammy, manipulative, offshore and Manipulative Market Maker shorting practices continue, that capital is simply siphoned off by crooks and most likely transferred to accounts in Switzerland and the Islands.
Please! Stop the practice of all short selling via the new BBX Exchange.
Requiring the reporting of BBX short positions by Market Makers once a month is just not enough of a change. That gives them 29 or 30 days to continue raping and wreaking havoc in the nation's most vulnerable market. The business failure and bankruptcy rates certainly bear this situation out.
If someone wants to invest in a BBX company, let them buy shares in the open market place. If they don't want to invest, let them abstain. Or, they can sell the shares they own - if they are disgruntled with a company.
The bogus and worn out argument about ‘..no shorting..' will affect liquidity is garbage..!! Those of us who invest in MicroCap and mini-MicroCap companies provide the liquidity, not these practitioners of Smoke & Mirrors (naked) shorting policies. It is the scurrilous and damnable thieves and cheats in the market place that remove the market's liquidity.
Please! Stop the practice of all short selling via the new BBX Exchange.
Respectfully,
AI
