From: John Skoufis
The Honorable Christopher Cox:
I and, the majority of other investors, have seen our retirement investments being openly and fraudulently manipulated by naked short sellers and hedge funds in open defiance of the law. This has severely impacted our net worth and puts our retirement funds in jeopardy as well as creating a climate of unfairness throughout our financial system. This will ultimately lead to a collapse of the market for the individual investor.The SEC has basically ignored this action and congressional committees clearly show a pattern of lax enforcement by the SEC. This is not being overlooked by investors, as a simple perusal of the blogs and security boards show.
I expect than it will soon become a crescendo that will embarrass the SEC and the Bush administration to the detriment of those individuals. I fully endorse the letter written by NCANS attached below. You can consider this as a signed copy from me. I urge that immediate action be taken to assure confidence in the fairness of the markets and severe punishment of the offenders, not just a cost of doing business fine.
(See attached file: NCANS.pdf)