May 5, 2009
As an indiviual investor I have lost a lot of profit when I got mauled by short sellers on several occasions. You need to bring back the uptic rule and stop this abuse of naked short selling. You need to have concern for the average investor who should be able to invest in the market. Instead, you are seeking comments from people in the academics, large innvestment firms, and hedgefunds who have used this abuse to take control of the market for their own benefit.
Two class action lawsuits have been filed with you on stocks I owned that got mauled and never recovered. Often times this mauling has also taken place in after hour trading where honest citizens have no option and suffer extreme losses.
All you have to do is look back to last fall and see how they raided financial companies, it would not have happened as fast if these rules were enforced. We already have rules on the books - THEY JUST NEED TO BE ENFORCED. We would not be in this diaster had they been enforced.