October 9, 2008
Mr. Cox:
I have been a Republican all of my life and if ANYONE had ever told me that I would be switching part affiliations, I would have told them they were crazy, but I’m nearing the point where they will be right.
The rampant corruption and manipulation that has occurred on Wall Street under your watch is in my opinion incredible and the fact that you still continue to ignore the facts on the causes that are right in front of you as the country slides further into a state of despair, makes me wonder if you have your own GOLDEN PARACHUTE in place which will be delivered upon your exit from your current position which I’m sure you are aware is right around the corner.
I believe that history will show that your lack of action allowed TRILLIONS of dollars to be stolen by entities that made their own rules and broke the financial laws at whim, all the while there was no action by you to enforce the financial laws that have been on the books for decades.
The question I have to ask you is WHY… WHY did you violate the trust placed in you and do nothing while the future of the country’s retirees was plundered by hedge funds that used their ability to short the market at will, WHY do you continue to allow short selling, WHY did you allow the temporary ban on short selling of financial institutions to expire???
Someday in the not to distant future, when you look at the media coverage of America’s retirees that are now homeless, how will you justify your lack of action in your mind as you look at the misery that your lack of enforcement of the laws already on the books has brought about.
In my opinion your lack of action is CRIMINAL, the time for tough action is long past, get off your ass and save what is left of our financial stability NOW, outlaw ALL SHORT SELLING NOW. demand that short positions should be covered NOW.
If smaller investors throughout the country can see the causes for this mess and all of them indicate that they believe that the causes are related to the manipulation of the markets by short sellers, why is it that a man who is supposed to be familiar with the markets can’t see it? Or is it that you just can’t see the forest through he trees?
The excuse that short selling brings stability to the market is obviously wrong, all one has to do is look at the daily averages to see that this is wrong, face it we’re not dealing with runaway markets and irrational exuberance, we’re dealing with the demise of the American investor and the economy of America, there is NO reason in this market environment to allow any short selling to continue.
The markets will not recover from your lack of action for years possibly even decades.
DON’T WATE ANOTHER DAY, BAN ALL SHORT SELLING NOW!!!
Greg Colquhoun