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Faulking Opinions - Mar 4, 2005 - Printable Version
- Who Will Lead?
by Kevin M. West
This letter is addressed to the following respected people: George W. Bush, President of the United States
William H. Donaldson, Chairman of the Securities and Exchange Commission
Chuck Hagel, Chairman of the Senate Subcommittee on Securities and Investment
Richard Baker, Chairman of the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
All U.S. Senators and Members of Congress
Dear Mr. President and Honorable Chairmen,
Surely, our Government isn't suggesting we put our social security funds into a financial market that lacks the basic safeguards to keep our investments safe, are they?
I am a United States Citizen outraged at the SEC's lack of meaningful action against those who are allowed to steal and rob from investors and innocent companies, seemingly with impunity. Naked short selling (creation of counterfeit shares) can drive small companies out of existence. I've read comments by Ms. Annette Nazareth (Director of Market Regulation of the SEC) that are unbelievably supportive of the obvious collusion between hedge funds, Market Makers, the DTCC (Depository Trust Clearing Corporation) and certain brokers - comments that advance the rationalization that this criminal behavior is somehow necessary, and even good for the overall market. I have read articles written by paid journalists to try and deceive the citizens of our great country into believing that there is no corruption. They attempt to spin the story and paint any dissatisfaction or loss as the ramblings of only a few disgruntled investors that have lost money, and are blaming their poor investment decisions on naked shorting. Articles that hint that investors must be delusional, and are searching for a far-fetched conspiracy between the SEC and the perpetrators of these fraudulent acts. Articles saying, in fact, that it is all a figment of our imaginations.
Who pays for these articles, or drives their publication? Who has the motive to color illegal behavior as imaginary, or non-existent? Who selectively filters the data and omits any facts which support the evidence of an ongoing, systematic scheme to defraud American investors?
The truth is out (I trust you saw the Washington Post full page article earlier this month http://www.ahandup.us/washington_post_article.htm) and your citizenry’s outrage is growing. There are literally tens of thousands of average Americans who are now aware of the SEC's complicity in the sordid tale of abusive and illegal naked shorting. The DTCC "earns" hundreds of millions of dollars annually by facilitating this violation of the small investor, and moreover we know the SEC gets a "commission" on every violation. "We the People” are becoming more organized and more vocal by the hour and are not going away until the system is cleaned up. Mr. President and members of Government, surely you will not allow money from the Social Security funds of honest hard working Americans to be invested into a corrupt market, lacking the basic safeguards necessary for even a pretense of honesty and integrity.
The SEC recently made a new regulation called Regulation SHO. In this regulation, the SEC “ADMITS” that there are naked short or counterfeit shares in our markets, and the SEC even allows for “grandfathering” in all of the past fraud before January 7, 2005! Can you believe this? The violators have been allowed to create and sell counterfeit shares for the last decade, and now this fraud is forgiven, as though it never happened! I am here to tell you, if an American citizen created a counterfeit $100 bill, or pink slip, or real estate title, he would be in jail for years! Yet, these thieves are allowed to escape unharmed. Even after being caught! Why is that? All of America wants to know!
Where is even a hint of the enforcement action promised in the new regulations? We haven’t seen any meaningful results of a regulation that the SEC has promised will clean up the markets. Recognize that the very creation of the regulations is a tacit admission that the regulators have failed to enforce the existing laws on the books. Laws that have been in place since 1933, to eliminate fraud and corruption from the market. But, with no enforcement of the laws, criminals have nothing to fear, and in fact are rewarded for their predation by being allowed to keep their ill-gotten gains, with no consequences or penalties.
Until now, that is… because “We the People”, whom this great country was built by and who have shed our blood to defend, are fighting mad - and we are not going to take it anymore. The laws need to be enforced, and the pardon for the criminals needs to be rescinded. Cover the trades, stand up to the predators, and make the markets safe for investment.
If something isn’t done immediately, we will begin to stage demonstrations outside of the White House, courthouses and everywhere we can gather, to demonstrate our resolve and our commitment to a fair market!
Whose side are you really on and what will history say about your stewardship? One high-profile man or woman with a will for the truth can make difference here. Are you that man or woman? "We the People" want a leader! Who will be our leader?
Kevin M. West
United States Citizen and Investor
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