May 4, 2009
More Oversight & Regulation Needed
There needs to be more oversight & regulation of the financial system.
People are not going to feel safe investing their hard earned life savings in the financial markets until they feel confident the markets are regulated fairly & not being wrongly manipulated.
There should be an investigation into possible stock market manipulation by short sellers who profit when stocks go down.
Many investors are requesting urgent action to reinstate the 70-year-old up tick rule for the stock market. The up tick rule is a securities trading rule used to regulate short selling in financial markets. In 1938, the SEC adopted the up tick rule, more formally known as rule 10a-1, after conducting an inquiry into the effects of concentrated short selling during the market crash of the great depression. The original rule was implemented by Joseph P. Kennedy, Sr., the first SEC commissioner.
Without the up tick rule in place, short sellers are devaluing solid companies. We are asking the SEC to take urgent action and reinstate the 70-year-old up tick rule.
Sincerely, concerned citizens who have seen their life savings devastated!
John Obal