September 14, 2008
After the emergency order prohibiting naked short selling of FRE, FNM and the 16 prime brokers expired, why has the SEC not issued any new rule-making to reinstate the Uptick Rule or to make naked short selling more difficult?
It is truly amazing that the SEC has stood by and watched the short-selling machine drive LEH into bankruptcy and MER into a merger with BofA. When will the SEC realize that its failure to act created this downward spiral of all investment banks that will likely hit commercial banks once all of the investment banks disappear.
Thanks for nothing Chairman Cox You should go back to Congress where you have no responsibility to be a steward of our financial system. You certainly seem to be over your head at the SEC.