May 12, 2009
I am so sick and tired of my tax dollars supporting an impotent entity that does nothing to protect individual investors or work to restore confidence in our stock markets.
The SEC is fiddling while the markets burn once again due to manipulative short selling. Hedge funds and other large house that have the resources to drive the market once again are irrationally shorting the market for no other reason than they are allowed to.
Look at the trading and short interest of Citigroup (C).... one of our country's largest and most essential banks. Regardless of the fact that this bank was one of the few that actually came out better on the stress test than anticipated and the fact that their TARP money has been used to make LOANS, as was intended by our government.... it continues to be shorted for no other reason than more money could be made by shorting the common shares and buying the preferred shares.
Is this REALLY the intent of our stock market.... to play the numbers and gig shareprices in lieu of rewarding positive developments?
Shame on the SEC for allowing such manipulations, destroying the wealth of the retail investor along with whatever confidence they had in investing in American companies to make them stronger