August 20, 2008
Dear Mr Cox,
I have been an individual investor on Wall Street for over 40 years (I am 63 years old). I have seen great companies totally destroyed in one or two days by naked shorting.
Hedgefund "A" sells 5 million shares of a stock that it does not own. Hedgefund "B" buys 5 million shares of the same stock, minutes later, at a reduced price. Then Hedgefund "B"
immediately shorts 5 million shares and Hedgefund "A" buys those shares. This process is repeated many times until the
company is destroyed. Hedgefund "A" and "B" make Billions of
dollars shorting the stock with NO uptick rule.
The fairness, honesty, integrity has disappeared from Wall Street. Today's Wall Street criminals are Billionaires like
Steven Cohen of SAC Hedgefund, but nobody could put these guys behind bars.
Today's Wall Street is like the disastrous, out of control, criminal years of the 1930's. And today we certainly do NOT
have an Elliot Ness to try to round up the bad guys.
Sincerely,
Jan Kucera Jr.
PS. The Market capitalization of ELAN Corp. dropped
$10 Billion in 3 days. Somebody made Billions by
naked shorting and with no UPTICK rule.