NCANS Comment Letter to the SEC
Location: Blogs Bob O'Brien's Sanity Check Blog
Posted by: bobo 9/4/2006 8:12 AM
UPDATE: Folks, here is the NEWLY UPDATED NCANS letter to the SEC (as of 12AM, EST, 9/5) on Reg SHO. Please take time to read it through. It has gotten a section on penalties and loss of licensure, and a more fleshed-out section on numerical marking of individual securities - the better to ensure a one-for-one ratio of security entitlements to bona fide securities. It works with car VIN numbers and banknotes, so why not stock?
Also, we've got the first 160 or so signatures. I've been getting emails telling me that the fax is busy, so please keep trying - or email me a jpeg of your signature, or worst case, just an email authorizing me to use your name (but provide all contact info, please). If it doesn't go through, keep trying, and spread the word for anyone interested to demonstrate your support. You are either part of the problem or part of the solution - and this is where you get to decide which you are.
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Special thanks to Tommytoyz for his mountain of effort in giving birth to this document, as well as to Lynn for countless hours of editing and fact-checking. Also, thanks to Patrick, and the host of others who provided input and suggestions.
This letter is intended to provide solutions, and deliberately stays away from pointing fingers or apportioning blame. Dr. Trimbath's masterful letter does an unparalleled job of describing how we got where we are, as does Dave Patch's letter. I can't think of any way of improving their observations, so we stayed away from criticism and focused on how to solve the structural problems in the market.
We would like to get as many signature to add to the document as we can, so I will ask everyone to fax a signature, and name and address, to the number below. Here is a signature form to fill out. I'll keep the addresses and phone numbers confidential, but I need them so I can substantiate that the signatures are genuine. The goal is to gather hundreds, if not thousands, of signatures to append to the letter, which will go to the SEC and be posted on the web. Please show your support, and take a moment to send us your John Hancock. And send the link to this blog to everyone you know so they can sign on as well - feel free to post it to message boards, blogs, and chat rooms. More is more. And we have about 10 days.
A fax number has been set up for signature collections. It is 702 946-0934.
Spend some time reading the document, and then get the word out so we can demonstrate support for the suggestions. A few minutes of your time can go a long way, and this is one of the ways you can make your voice heard.
Please do your part.
