August 1, 2008
I am a small individual investor and will be the first to tell you that I know very little about Naked short sales. What I do know is that if Market Makers and Hedge Fund managers can manipulate the financial institutions, they surely can manipulate a small company. How can you, as overseers of our investing process, allow certain individuals to manipulate any part of the process. Is it not your mission to protect investors, maintain fair, orderly and efficient markets. I have heard many times that Naked shorting is against the law. If this is indeed true, then why is it being allowed to happen. Who in the SEC is not doing their job. How can you, as our protecting body, tell these crooks that they can't manipulate the financials any more, but that they can gouge everyone else as much as they want. This is total BS.
Sir, I submit to you that according to the law, and your mission, the individual investor is not being protected from the market manipulators who insist on doing it their way, lawful or not.