May 5, 2009
I have been investing since 1982 and have never seen a financial collapse like the one we just went through. The fact that the SEC removed the uptick rule and even worse allowed naked short selling by hedge funds and institutions who did not actually borrow the stock before they sold it is a true outrage. Consequently and I demand that everyone in the SEC who was responsible for these two negligent acts to be fired for cause.
If you do not re-instate the old uptick rule and actively prosecute past and present naked short sellers then I will no longer be an active investor. In addition, while you are cleaning up the mess created by Chris Cox, you should also outlaw the double and triple short and long ETF's like SSO and SSD which blatantly get around the Fed's margin rules.