Sirius XM fans send their DVDs to SEC in grassroots effort
Disillusioned Sirius XM investors have embraced the movie that tells their story and now are sending their new and used copies directly to the Securities Exchange Commission.
One investor writes: I enclose with this letter a DVD copy of the movie “Stock Shock.”
In addition to telling the general history of Sirius XM satellite radio (NASDAQ: SIRI), the movie lays out a compelling case that the stock of this company has been heavily and illegally manipulated, both through naked shorting and also through more standard manipulation tactics. While I don’t take the filmmaker’s allegations and intimations at face value, there is certainly enough there to raise serious questions about trading in this security.
Why haven’t you done so much as send a letter to the relevant market makers (and the parties behind them) asking for information?
It is the failure of the SEC to so much as ask the right questions (or in many cases, e.g., Madoff, any questions) that has ruined its reputation among American investors. The idea that independent movie makers have to produce a feature length movie about stock price manipulation to bring public attention to this issue is pathetic.
Please consider yourself on notice that the situation with SIRI has been brought to the SEC’s attention. When the facts ultimately come out, and it is shown that you, as Director of the Division of Enforcement, did not so much as ask your staff to make an initial evaluation of the allegations raised in this film, you will be regarded as another Linda Thomsen or Lori Richards – an ineffectual and ultimately failed leader. The public trust is in your hands, perhaps more so than in any other person than the Chairperson of the Commission itself. Do your job.
Regards,
A Disillusioned and Frustrated Citizen
"Stock Shock" was produced by Mohr Productions, Inc. DVD released June 2009.
Photo:
http://www.prlog.org/
