August 18, 2009
Dear Sir:
I'm 66 years old in good health but am unable to even think of retiring largely because of rampant, blatant criminal activities in our financial markets.
As I understand it, the SEC is directly responsible for the integrity and smooth operation of our financial markets. In my opinion the SEC has been largely 'missing in action' for the better part of this decade. The results of this inaction gave us most prominently Bernie Madoff (and who knows how many others?)
I, along with countless others, have collectively 'lost' (read: been plundered of) vast amounts of money in retirement and investment accounts. How much of this money has been disappeared because of flagrant naked short selling?
When Jim Cramer publicly described this activity with specific reference to Apple, Inc, he said 'its fun, it's easy'
'Doesn't the SEC object?'
'They don't pay any attention'
What? Why is this happening? Why does Goldman Sachs get away with skimming $100 million/day from the markets? Why are well-managed, well-capitalized companies in my personal portfolio being targeted by vulture hedge funds naked short selling, hoping to drive me and others into oblivion?
Why do you tolerate and even encourage (through looking the other way) such criminal, deceitful, destructive behavior?
If you know of these criminal activities and allow them to continue, you yourself are directly complicit in criminal behavior.
Please reinstate the uptick rule and help to restore integrity to our financial markets, and, indeed, to our battered country.
Thank you.
John B. Farrell
Registered Piano Technician