Gary Weiss reads SEC Comment Letters So You Don't Have To

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Gary Weiss, author of Wall Street Versus Americapoints out that today is the close of the comment period for the Securities and Exchange Commission rule proposal on "fails to deliver" securities—basically, the anti-naked short regulation.
As he notes, the National Coalition Against Naked Short Selling—described by Weiss as an “”astroturf’(phony grassroots) group pushing the agenda of penny stock promoters and CEOs of foundering companies”—has submitted a 23 page comment letter. We were just about to pull it up to see exactly what NCANS were going to say, but fortunately Weiss saves us the trouble.

...I was looking forward to seeing that evidence when the anonymous NCANS said on its various anonymous websites it has got 1,100 actual people to send in their signatures to the SEC. I said to myself, "Surely these people are going to scribble in a note about what happened to them!"
But when I saw what the NCANS was sending in, all I saw were signatures below a statement saying that "The undersigned have been negatively affected by delivery failures of equity securities in the U.S. markets, and by the crediting of security entitlements in quantities far in excess of the issued securities they claim to represent."
Just name and address. No space for "what happened" or "what stock I owned that got counterfeited or naked shorted or stuff."
So they still haven't provided a single example of a company being hurt by "stock counterfeiting" or "naked short selling."

Annals of Baloney (continued) [Gary-Weiss.com]

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