August 19, 2008
I have already written to my Senators and Congressmen about the manipulation that naked shorting has foisted upon the investing public. In my opinion, if the full investing public, not just stocks but funds as well, were made aware of the wholesale manipulation that is rampant in the markets, you would see a meltdown of catastrophic proportions.
All companies should be protected from this practice. Every single one, not just the financial institutions who, ironically, have benefited from this practice for so very long.
Short selling in and of itself leads to temptation for manipulation. Naked short selling is tantamount to counterfeiting money.
Re-instate the up-tick rule, and ban naked short selling, I mean REALLY enforce it, before it's too late
Sincerely,
Brad Yazell
Fort Lauderdale, Florida