August 19, 2008
I have lost $100,000's of dollars investing in small companies that have been hit with rumors and naked short selling.(Global Crossing, MFNX, etc )Many companies had stock short positions larger than their outstanding shares My advice to retiree's is not to invest in the US market. It has become crooked with traders using naked short selling to push companies into bankrupcy. The biggest loser is the common stockholder. Many of these companies re-emerged under private ownership. The baby boomer's lifesavings are been stolen by hedge funds and marketmakers using naked short selling. The latest victim is Wachovia. I am appalled that the SEC has chosen not to take action against wall street and all of this dishonest activity.