August 13, 2008
The removal of the uptick rule has allowed hedge funds and other big money groups to benefit greatly off my back. I am an individual investor and their ability to manipulate the stocks I am invested in has caused huge losses for me. The removal of the uptick rule and the SECs unwillingness to aggressively go after naked shorts who are violating the SHO regulation is one sided and extremely unfair for the small investors like me. You should be looking out for the little guys, not feeding the piranas. Not to mention the damage done to the companies these greedy hedge funds are causing. How can a company continuously increase their profitabiility and undergo significant positive growth and go down down down? With every quarterly release of CDS the news is great, the company is doing great, but the stock plummets.
Because of the SEC, and your lack of enforcement and favoritism for the big money, you've decimated the small investors and some very good companies. Please right the wrong and reinstate the uptick rule and make naked shorting illegal. Maybe our economy will improve when the SEC starts focusing on fair investment rather than helping greedy funds make billions.