May 5, 2009
I have been a registered rep since 1973 and became a president of m. amarico inc, member of FINRA since 1981.
I sincerely believe that the capital market can be destroyed like house of cards by the collective activity
of poweful short sellers. The shorts were feasting on GE
and AA and MAS by buying puts at the 5 Dollars striking level.
I saw hell, like I have never seen before when the shorts
did carpet bombing on every issue of an index in last five minutes of the day to get their SHORT ETF to zoom at end of the day.
The shorts go long on SKF, SDS, and TWM and at end of the day they destroy the market to reap multi points gains.
I was looking forward to see the short rules re-instated
for the sake of all the small price stocks that sold below cash value, and for the sake of saving the financial institutions that were clearly targeted by the shorts.