July 30, 2008
To Whom it may Concern:
What in the world are you doing to the true market action of the past? You're protecting companies that should be spanked down due to negligent activities, yet let the hordes of naked short players/hedge funds run amuck in other industries segments???
Please take a look at the mining sector as an example. Since this so-called ban has been implemented, the miners (both large and small) have seen increasing downside pressure. I would not be surprised if some of this pressure is related to naked short selling to stifle the price per share. In addition, you (SEC) have provided a false illusion of indirect support for the USD. This illusion has the potential to blow up in a drastic way as the USD does not have a leg to stand on if one examines the real-time pulse of the US economy.
This so-called rule should be enforced across the whole arena of publicly traded stocks from DOW/big boards to lower tier pink sheets where the problem is even more extreme - at least bring back the uptick rule
I hope this current SEC emergency rule does not come back to haunt the SEC/US government in the form of mass prejudice lawsuits from investors/public companies in other sectors. There certainly is a precedent for this to take place.