March 21, 2008
It's ridiculous that the SEC hasn't already attacked the problem of 'naked short selling'.
Once again, this has been used by the "Elite" of Wall Street to crush shareholders so that they can force extra money from the retail investors.
The Wall Street playing field is NOT a level playing field. It is designed to only help the 'big boys' and allows them to manipulate the share prices to their benefit.
They have specifically attacked certain companies like Overstock.com and more recently ETrade.
It's amazing how they pump a company while taking a massive short position and then "miraculously" a "rumour" comes out about the company driving the share price down making the big "Wall Street" boys millions of money off the backs of the retail investors.
This must be stopped
While I don't agree with what Elliot Spitzer did, at least he attempted to level the Wall Street playing field.
Now who will protect us? The SEC? Ya right They're prosecuting Martha Stewart while the big boys rape us.
Even Jim Cramer admitted to manipulating the market as a hedge fund and called the SEC "stupid".
This manipulation has gone on long enough and the first step will be to put an end to naked short selling