May 4, 2009
If, in fact, the SEC is the investors advocate, they must put in place the rules and restrictions which will prevent the malicious manipulation of the investment markets, and, provide information so that everyone understands what the rules are. For instruments and financial activity to be designed so that they could operate outside the rules and regulations of the financial markets is incomprehensible. This cannot be allowed to happen again.
If this means putting in place short selling restrictions, or circuit breaker restrictions or uptick rules or short sale price tests, then this is what should be done.
I participated throughout my working years in 401K and other savings vehicles thinking I was doing the right thing in saving for retirement only to have a significant portion of my savings disappear during the past two years. I listened to and trusted the experts. I no longer know who to trust and certainly do not believe most of what I hear these days.
The bottomline is, I need to see action taken that will bring crediblity and stability back into the financial systems. People of substance who are ethical and moral in their approach are needed. People who will truly be advocates of investors.