May 8, 2008
You must take stronger action on those that manipulate a stock through use of massive short selling without the up tick rule and NAKED SHORTING.
The rules are no good unless you enforce them with very high penalties to deter the would be scum bags from even trying it at all.
To do this you also need to pentalize the trading firm executing the trade for them with a massive penalty, say 50% of amount trade the first time and 100% the second time.
If you find the same person or group continues to Naked SHORT stocks after warnings and penalties their SS# or tax ID# should be block from trading for no less than 6 months.
I know you don't have the man power to check up on every short but when you catch a repeat offender the penalty should be so savere that none would dare take a chance at getting caught.
Up tick rule must be reimplemented at once too.