September 17, 2008
Please consider enacting the following rules to prevent further meltdown in our capital market if you all are at all intend to protect individual investors. Everyone I know have lost significant amount of their investments, i.e., 401K, IRA, etc. and some cannot retire because your organization has allowed hedge fund to destroy our investments. If you are incapable of protecting us PLEASE allow others to do so for the sake of this country. Here are my recommendations of what the SEC should immediately put in place:
1) Demand that all short sellers deliver the stock that was on the REG SHO list and stock that has high percentage of short interest as compared to the float.
2) Impose heavy fine; suspend license, and imprisonment for any brokers who fail to do so.
3) Re-enact the uptick rule. It was designed to protect investors. It was bad enough when we had the rule in place; without the rule you basically invite the thief to come into our home and take what they want without a fight. Who are you protecting?
4) Establish a committee to adopt rules and regulations by involving representative from investment communities as an effort to deal with new issues in stead of utilizing text book to resolve issues.
It is disheartening and sad to witness how the government is able to use taxpayers’ money to bail out large companies like AIG, Banks, etc. When does our government use our money to protect us? At this stage our financial market is in turmoil and all of us can use SOME support from the SEC to help calm things down. I sincerely appreciate your consideration for the above.