May 11, 2009
I have to support the position that removing the uptick rule along with a total failure to enforce illegal acts of naked short selling were key components that have led to the loss of 55% - 60% of my 40 years of savings in my 401K and the near depression of the US Economy.
I support the position of Jim Cramer that the previous SEC was clueless, and their actions need to be fully investigated, with potential and highly likely criminal prosecution. Lastly the ETF double short trading instruments seems to be a total failure and not understood by anyone, including the SEC according to MR Greenspan's interview.
Bottom line to me, the previous SEC appears to have been out of control, non responsive, so much like the Bush administration, and made changes that were not well understood. I have to believe they acted with duplicity.
Please fix it by reinstating the uptick rule. Please get the naked short sellers investigated. Please review ASAP the ETF instruments.
Please hold more reviews with intelligent teams before making dramatic changes going forward and model the changes with risk management software.