July 9, 2008
The SEC has completely failed its mission to protect our markets. Eliminating the uptick rule was simply the most senseless possible move at a time when hedge funds and program trading have already made shorting stocks out of control.
It simply is a national scandal that the SEC has failed to get control of naked shorting. Have you considered how you are discouraging investment in the American economy, and how that affects progress in the medical, scientific, and energy fields? Or how much damage you've done to the small investor who wants to take part in our economy's expansion?
The powers that be like their little naked shorting slushfund. It makes their dirty job of ruining companies and individual investors comfortable and easy. And by its inaction, and in some cases by its actions, the SEC has shown itself entirely in their camp.
Shame on the SEC.