April 18, 2009
As a small time investor without expertise on this subject, I would just like to express my feelings regarding confidence in market investments. Overall, from what I have read, I feel that short and long positions are nothing more than gambling which can be combined with other methods to manipulate stock values. The value of a company should be based on the real value that the company provides to our nation, not a false measure of self interest driven speculators.
As with most American Workers who invest through company retirement plans, I do not have time to master my trade and to research the tools used to manage financial mediums. I believe this is the reason why we pay large salaries to individuals that are supposed to provide oversight and fair regulation.
After years of faithly sacrificing a large portion of our incomes to retirement funds, we learn that the fund managers have been using our hard earned dollars to further thier own interest and the watchdogs we have hired continuously look the other way. Every day we learn of more schemes that are allowed to continue for years before detection.
Before Meryl Lynch was taken over by BAC, huge bonuses were paid to Meryl Lynch executives. After BAC stock had sunk to below $4.00/share, BAC hires former Meryl Lynch board members back onto the board of BAC. Of course these board members recieved BAC stock options at an all time low price which they are now extracting enormous wealth. Are we to believe this was not planned?
Your organization knows system weakness that continues to allow thieves to prey on the honest hard working Americans. The stock market should not be a tool to extract enormous wealth to a few greedy criminals. Do America a favor and close down these vehicles.