February 23, 2009
Dear Sir or Madam,
Thanks a lot for your reply!
I really hope that SEC can take quick and strong actions before the "Titanic" ship sinking into ocean bottom. I really hope every SEC official wakes up and faces the most difficult situation since Great Depression. SEC can not behave too slowly like the case Madoff.
Take quick actions,please. When the "Titanic" ship sinking into ocean bottom, it will be too late to take actions such as uptick rule. It will be a financial disaster for everyone, including yourself.
Please take actions now. Your actions will rescue not only yourself, but also your family and your friends. You also do not want to see your children living in financial disaster.
Your actions will be greatly appreciated by everyone!
Sincerely yours
John Chen
--- On Tue, 2/3/09, OIG wrote:
From: OIG
Subject: RE: Suggestion
Received: Tuesday, February 3, 2009
Dear Mr. Chen,
Thank you for your email below in which you expressed concerns and suggestions about short selling and reinstating the uptick rule. We are aware of the significant concerns on the part of many individuals and entities about these issues and appreciate your bringing this information to our attention.
The Office of Inspector General has an ongoing audit into the SEC Division of Enforcemens process for responding to complaints and referrals, including those pertaining to naked short selling. We will provide your e-mail to the auditors who are working on that audit. We are also coordinating with the Government Accountability Office, which is performing a broader review of issues pertaining to the SEC's regulation of short selling.
Please be advised, however, that the Office of Inspector General has limited jurisdiction and lacks authority to reinstate the uptick rule or to directly enforce against short selling. Therefore, we are forwarding your email to the Office of Investor Education and Advocacy (help@sec.gov) for its review.
Thank you again for contacting us about this issue.
Sincerely,
Natasha Dandridge
Legal Assistant
On behalf of the Office of Inspector General
of the U.S. Securities and Exchange Commission
________________________________________
From: john chen
Sent: Friday, January 30, 2009
To: OIG
Subject: Suggestion
Dear Sir or Madam,
As we know, the current economic situation of America has been the worst since the 1930s Great
Depression. In 2008, the global financial market has fallen 40%-60%. Many American people
lose more than 50% of their investment wealth and retirement money.
SEC should take all the necessary actions quickly to protect the crashing economy and financial
market. My suggestion is to keep “vptick rule”!for short-selling for at least one year. SEC can
cancel “vptick rule”!after economy recovers. As we know, Uptick rule had been a very important
factor for long-term up -trend of financial markets.
Now, America is like the ship”!Titani, which may fall into the ocean bottom in the darkness. In
order to protect the America and the American people, it is important to take all the necessary
actions to prevent market crash. SEC should take actions quickly and proactively. Otherwise, it
will be too late.
Hedge fund managers and other short-sellers should reduce their short-selling actions under
such urgent situation. The massive short-selling actions may become the massive- destructive
weapons andshor America market into the dark ocean. SEC should analyze clearly, what will
happen if the American people lose more than 80% of their wealth. The crisis will become
national security crisis similar to Europe 1930s.
Please take all the necessary actions as soon as possible, for the nation, for the people, and for
the world. Hedge fund managers and other short-sellers should have the responsibility for the
nation and the people, too.
In the future, your actions will be greatly appreciated by all the children of the nation and the
world.
John Chen