July 30, 2008
Dear Honorable Chairman Cox:
I applaud you for the recent emergency order to stop Naked Shorting on 19 financial institutions and encourage you to consider permanent enforcement of Naked Shorting for all equities. This illegal activity is stealing millions from the average retail investor in the stock market. These billion dollar per year salaried hedge fund managers are stealing from the American public. I urge you to re-instate the Uptick Rule and enforce RegSHO delivery requirements.
I am convinced that this illegal activity has bankrupted many small (and large) companies. Sangamo Biosciences (SGMO) has been on the RegSHO threshold list for a long time. Let's not let these greedy hedge fund managers destroy a company with many promising drugs for cancer and other illnesses. We have to restore confidence in the American way of life.
Thanks for a good start, but please do not stop with the financial institutions.