Post by fastwalker on May 29, 2005 9:20:50 GMT -5
Letter From Senator Talent (R) Missouri
« Thread started on: May 28th, 2005, 8:50pm » <br>
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I recieved letters from both Missouri Senators The one posted a couple of weeks ago from Senator Kit Bond sounded like a form letter with a few words changed to make me think he was looking into the NSS and the SEC. BUT today the letter from Jim Talent gave me hope that someone is listening. Not only did he reply, but he also sent a copy of a Congressional Research Seervice Report written by Mark Jickling specialist in public finance that was very intresting...The report order code No. # was RS22099 dated March 30, 2005. If you can't find this on the web somewhere I will post when I have time.... Letter from Senator Talent reads>>>>>>>
Dear Mr. XXXXXXXXX
Thank you for contacting me to regarding the illeagal practice of naked short selling. I appreciate the time you have taken to share your views with me, and I welcome the oportunity to respond.
I appreciate you bringing this issue to my attention. I asked my staff to research the SEC's regulation of Naked Short Selling and found some valuable information. I am enclosing along with this letter a report from the Congressional Research Service titled "Regulation of Naked Short Selling".
We need to make sure the SEC does its job in regulating illegal market activites. I have always believed that stopping this sort of activity is more of an issue of enforcement rather than legislation. The numerous corporate fraud scandals in recent years are yet another indication of the need for better enforcement. What Enron did was clearly illegal; several different government agencies had the power to prevent it but failed to do so. As far as I know, no one in the government was held accountable for this failure. Instead Congress has rewarded the agencies with more money and new powers which, if past history is a guide, will be used largely to put new burdens on honest firms while the corporate con men cut corners anyway.
I would make sure that the law clearly and seriously punishes deliberate fraud, and I would hold the various enforcement officers accountable for preventing illegal activity. In other words, firing a few people at the SEC will light a fire under law enforcement more than hundreds of pages of new regulations.
I will continue to monitor this situation and the SEC's regulation of the illegal practice of naked short selling.
Again, thank you for contacting me. If I may be of further assistance, please don't hesitate to call or write
Sincerly,
James M. Talent
« Thread started on: May 28th, 2005, 8:50pm » <br>
--------------------------------------------------------------------------------
I recieved letters from both Missouri Senators The one posted a couple of weeks ago from Senator Kit Bond sounded like a form letter with a few words changed to make me think he was looking into the NSS and the SEC. BUT today the letter from Jim Talent gave me hope that someone is listening. Not only did he reply, but he also sent a copy of a Congressional Research Seervice Report written by Mark Jickling specialist in public finance that was very intresting...The report order code No. # was RS22099 dated March 30, 2005. If you can't find this on the web somewhere I will post when I have time.... Letter from Senator Talent reads>>>>>>>
Dear Mr. XXXXXXXXX
Thank you for contacting me to regarding the illeagal practice of naked short selling. I appreciate the time you have taken to share your views with me, and I welcome the oportunity to respond.
I appreciate you bringing this issue to my attention. I asked my staff to research the SEC's regulation of Naked Short Selling and found some valuable information. I am enclosing along with this letter a report from the Congressional Research Service titled "Regulation of Naked Short Selling".
We need to make sure the SEC does its job in regulating illegal market activites. I have always believed that stopping this sort of activity is more of an issue of enforcement rather than legislation. The numerous corporate fraud scandals in recent years are yet another indication of the need for better enforcement. What Enron did was clearly illegal; several different government agencies had the power to prevent it but failed to do so. As far as I know, no one in the government was held accountable for this failure. Instead Congress has rewarded the agencies with more money and new powers which, if past history is a guide, will be used largely to put new burdens on honest firms while the corporate con men cut corners anyway.
I would make sure that the law clearly and seriously punishes deliberate fraud, and I would hold the various enforcement officers accountable for preventing illegal activity. In other words, firing a few people at the SEC will light a fire under law enforcement more than hundreds of pages of new regulations.
I will continue to monitor this situation and the SEC's regulation of the illegal practice of naked short selling.
Again, thank you for contacting me. If I may be of further assistance, please don't hesitate to call or write
Sincerly,
James M. Talent
