April 20, 2009
You people do not even enforce the laws already on the books against short selling. You have refused to stop or enforce naked short selling and naked short selling rules. Short selling must be eliminated altogether because there is nothing but abuse going on in this area and you refuse to police it. I have corresponded with many short sellers and I have never talked to a bigger bunch of obnoxious manipulators in my entire life. I think the SEC is in Cohoots with the short sellers. Is it not odd that on the eve of the worst economic crisis in this country's history (now worse than the Great Depression) that the SEC eliminates the uptick rule? I have written the SEC several times within the last 14 months about naked short selling and the uptick rule and yet you do nothing. You appear to me to want the short sellers to destroy the capital markets of the United States of America. I have even reported you to the Justice Department accusing you of economic terrorism. You allow your short selling friends to destroy retirements, conspire and commit bear raids, spread false rumors, and do not enforce any rules against them. Look at the Cramer video that was on TV. He admitted to engaging in illegal short selling activity (and that was before short selling became a very serious problem). When was the last time you took enforcement action against a naked short seller? Your rules and your lack of enforcing rules favors the short sellers and is assisting the people who want to destroy the United States of America by destroying the economy. I have never understood how anyone can sell something that they do not own. Your arguments that short selling is an important part of the market consist of the greatest bunch of baloney that I have ever read. Your proposed rules do not go far enough to police up the short selling fiasco. Get some tough rules and then have the integrity to enforce them to the letter. A great part of the blame for this economic crisis (besides the big banks and CDS) rests on the shoulders of the SEC--an organization that was created to prevent economic crashes. Another question (off topic slightly)--How can you buy insurance on something that you do not have any insurable interest in? I am talking about naked Credit Default Swaps. It is worse than short selling. Then they try to force the company into bankruptcy to collect on their naked CDS. That is a big part of this economic collapse also. Yet the SEC allows naked CDS. You people assist the criminals.