March 3, 2009
Gentlemen,
My complaint is with the SEC. By ruthlessly allowing the shorting of Citigroup, in what now appears a calculated act to enable the government to step in and nationalize it, you succeeded in destroying the company.
Several months ago, during the brief time when shorting was not allowed, Citigroup (C) stock flourished without having to bear the burden of the downward pressure on its back. There was color again in its cheeks.
Your announcement was clear that when shorting resumed, you would reinstate the uptick ruling to make it more difficult to short the stock. Because you did not honor this,the shorts grew from 160 million approx. to 184 million (approx.)This injurious inaction on your part has resulted in the falling share price of Citigroup which closed today at a mere 1.20.
This is outrageous, irresponsible behavior on your part. As an investor, I held the Citigroup stock based on your announcement regarding the uptick ruling. And as of today I am down roughly 91%.
How do you explain your action or rather your inaction on such a serious matter?
I look forward to your response.
Sincerely,
L. Lawrence