Rsv Shareholder's Action Group

> hvs

They won't get away with it this time. They've been caught 'red-handed' and the FSA know it. The MMs can send as many de-rampers like Jacko, Sprocket fool and Knitwit as they like, it doesn't change the fact that this time, they're going down.

The press are keen to see the FSA drop the hammer on the MMs. The greed of the MMs was so obvious for all to see. What's worse is that FSA did anticipate this sort of aggresive and abusive 'naked' shorting, but didn't think that it was necessary to implement any safeguards to prevent it.

So not only have:
the market makers let us down,
the regulators let us down and
the politicians let us down.

We warned the politicians in early November. We told them that if the matter was not dealt with immediately, the shareholders would lose their investment by it being diluted out of existance.

They did nothing except play pass the parcel with responsibility. They even sent the wrong replies to the wrong letters. They apologised about it after the fact, but the damage had been done. We warned everyone in power, that this matter was not resolved swiftly, it would lead to a severe embarassment for the London Exchange. That is precisely what has happened. The foreign bourses now hold this up as an example that it is too risky to invest in the UK market.

Even the LSE's offer to correct the 'settlement difficulties' is a tacit acknowledgement that the MMs broke the rules and created a disorderly market.

At the very least, we expect the FSA to lay down the law on agressive and abusive 'naked' shorting and fine the market makers involved with the heaviest penalties they can award.

Personally, I would like to see the chief culprit lose their license and membership of the Exchange. At the very least, the fine should be equivalent to their entire year's profit. £12.9 million should cover some of the expenditure that the FSA has had to make and a significant chunk should be awarded to the shareholders by way of compensation.