April 14, 2009
As an investment broker dealing with wonderful people, I hope that the SEC finally is looking out for the little guy.
With the elimination of the uptick rule by the SEC and the non-policing the SEC did on naked short sales, I would think the SEC would do anything to help stop bear raids on stocks. It takes years to get a stock to go from $5/share to $40/share but only days to go from $40 to $5 during these raids Hedge funds and others thrive upon the smaller investor who doesn't have the tons of money needed to "buy" as they "short sell". Please put the balance back so that the average investor feels secure to invest in the stock market, their future, as well as their children's future. Have the SEC do its job and regulate against manipulation that goes on for years (Madoff). Please reinstitute the uptick rule and limit short selling. AQlso monitor how derivative products (ETF shorts) can also add to downside volume. I have heard comments that the SEC is "on the take" from hedge funds and "where do our congressmen have their money?" The laws were introduced after the Great Depression and they worked for decades Eliminating them added and created ways to profit by intentionally shorting stocks which kill most normal investors. Please look out for the American People who want these rules reinstated, not the hedge funds who don't