Letter: To SEC from Dave Patch on Tick Test

Letter

January 12, 2007

Ms. Nancy M. Moms Securities and Exchange Commission 100F Street, NE Washington D. C., 20549-1090

As a follow-up to my previous memo regarding this proposal to eliminate the tick test/ price test, I would like to further emphasize the concerns the public has with regards to the regulations of market making activities as they pertain to this proposed and all other short sale regulations.

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Article: Naked Short Selling – How Exposed Are Investors?

Article - Academic

Naked Short Selling: How Exposed are Investors?

James W. Christian, Robert Shapiro, John-Paul Whalen

The Houston Law Review, 10 November 2006

Regulation SHO is a start, but in order to guarantee a fair market place, the SEC must close the loopholes in Regulation SHO and institute comprehensive reforms to the clearing and settlement system. Until the SEC makes these necessary reforms and addresses the DTCC’s mismanagement of the Stock Borrow Program, investors will continue to be exposed to the manipulative potential of naked short selling.

PDF (58 Pages):  HLR Naked Short Selling 2006-11-10

Article: Dismantle the SEC

Article - Media

Dismantle the SEC

Christopher Byron

New York Post cited by RGM Communications via Wayback, 3 July 2006

It looks like the Securities and Exchange Commission has finally come up with a plan for dealing with the devastating Court of Appeals decision two weeks ago that nullified the SEC’s efforts to regulate the hedge fund industry.

The strategy: Do nothing – except perhaps pout a bit and blame everything on the media.

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Article: SEC: Gone Fishin’

Article - Media

SEC: Gone Fishin’

Chris Byron

New York  Times cited by RGM Communications via Wayback, 6 March 2006

It’s good to see that the U.S. Securities and Exchange Commission has come to its senses and that – at least for the time being – it won’t be enforcing the media subpoenas that have gotten the press so riled up.

But before anyone breaks out the pom-poms for SEC Chairman Christopher Cox, let’s remember that these wrong-headed subpoenas were 100 percent the responsibility of Cox’s own agency in the first place – and until the SEC develops better, more focused leadership, problems like those caused by these subpoenas are going to keep occurring.

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Article: Corporate reform dead; SEC chief should resign

Article - Media

Corporate reform dead; SEC chief should resign

Loren Steffy

Houston Chronicle, 1 March 2006

Corporate governance reform is dead. Its last gasp was stifled by the subpoenas issued last month by the Securities and Exchange Commission against several news organizations and writers.

Last week, Marketwatch .com columnist Herb Greenberg and Dow Jones Newswires columnist Carol Remond acknowledged receiving the subpoenas, which involved stories about Internet retailer Overstock .com.

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Article: Overgrown Hedges

Article - Media

Overgrown Hedges

Christopher Byron

New York Post cited by RGM Communications via Wayback, 26 September 2005

One of the first things any new chairman of the Securities and Exchange Commission does after getting the job is to clear his throat, put on his best “I mean business” scowl, and announce to the world just how tough he intends to be on the miscreants of Wall Street.

Normally, this harmless ritual lets the man taking on Washington’s most thankless job preen a bit in public before getting smacked to the canvas by a system that basically doesn’t want him to be tough at all.

But these are not normal times — and the one thing this country needs more than anything is a government that knows what it is doing and that deserves to be taken seriously by its citizens.

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Article: Faulty Regulator

Article - Media

Faulty Regulator

Christopher Byron

New York Post cited by RGM Communications via Wayback, 27 June 2005

On Thursday the Securities and Exchange Commission’s departing chairman, William Donaldson, will step down from his two-and-a-half year stint as Wall Street’s top regulator, vacating the most thankless and difficult job in the administration to make way for President Bush’s third nominee.

Though Donaldson is widely credited with having been an effective and activist-oriented SEC chairman who — among other things — pursued more high-profile corporate-fraud cases than any chairman before him, he actually initiated only one major SEC fraud probe that has led to litigation against a defendant.

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