July 17, 2008
Dear Mr. Chairman:
I am outraged at the behavior and policies of the SEC regarding short-selling.
That the SEC permits naked short-selling is an egregious violation of our fair securities market's practices and existing laws.
I am highly suspicious of the motives of the SEC officials who are allowing this practice and it is an outrage that the SEC has decided to only enforce existing laws against short-sellers of certain financial stocks and not ALL stocks as the laws should apply.
Additionally, the SEC eliminated the short up-tick rule based upon, what is, in my estimation, a naive study that failed to understand modern behavioral factors affecting markets and/or the potential for economic terrorism.
Indeed, in my opinion, the SEC has stood blindly by while short sellers have attacked our markets and attempted to destroy our financial system. Could Al Qaeda do any worse for America than our own SEC?
What is the good if our stock market is shorted to ZERO? Then what?
Terence J. Gabriel