August 1, 2008
Trust in our financial institutions and markets has been seriously eroded. Naked shorting is to our equities markets as subprime/fraudulent lending is to our financial institutions.
Allowing an elite international class of hedge funds to reap obscene profits on the backs of hard working and ethical American investors is economic terrorism. As with the subprime debacle, millions of Americans are victims -- all who invest in 401Ks, mutual funds, or individual stocks.
I wholeheartedly support extending the naked shorting protections to the entire market and reinstatement of the uptick rule. It costs the taxpayer nothing to implement.
My kids' college fund and retirement investments depend on you doing the right thing.