May 5, 2009
Although my comments may not be as eloquent as several of the people who submitted opinions, they reflect the attitude of many people I have spoken to who are on the verge of retirement. The recent stock market and personal wealth devastation of the preceeding several months was caused by many factors. Abandoning Rule 10a-1 and naked short selling are two factors which certainly didn't help.
The SEC needs to reinstitue this rule and ban naked short selling entirely, with severe penalties for breaking the rules, if you are to instill any measure of confidence among investors. Regular Americans are caught in a web of inflexibility with regard to their 401(k)'s, a vehicle sold to them as a retirement guarantee for the future. Without some serious action by the SEC, no reason exists for them to continue contributing their hard earned money into plans that are wiped out in a matter of weeks. Please seriosly consider the actions you take next and the psychological effect they will have on current and future investors.
Thank you taking comments.
V. J. Haston