Investors have made clear their disdain for naked short selling. In a survey by Working Americans for an Open Economy, 76% of respondents say such offenders should face some sort of penalty, with 8% opting for civil fines, 9% criminal and 59% saying both. So important is the issue of naked short selling that half of investors 55 and older say they would be more inclined to vote for a congressional candidate who addressed the issue (38% among the total survey group said the same).
"This study leaves little doubt as to how seriously investors view the illegal practice of naked shorting," said Mark Wirthlin, a senior v.p, with Harris Interactive, which conducted the online survey.
When asked about the types of penalties, investors were no less merciless:
· 79% called for the federal government to publish the identities of convicted naked short sellers.
· 75% said guilty parties should have their securities licenses revoked
· 75% felt injured investors should be allowed to sue offenders.
