April 21, 2009
Dear Sirs,
Please take a note on what happened to the financial stocks yesterday 4-20-09. In particular Bank of America which I happen to have a significant holding of . I unlike many so called investors ( I would tend to call them gamblers with a loaded deck) am a long term investor who is planning on holding these shares until I retire, if that is ever possible.
These stocks were under attack. Naked short sellers, hedge funds running
ramped, distroying the equity of these companies. Once again I feel like I
am an investor trying to put my hard earned money to use with a company I
feel will be very strong once again. I am becoming increasingly discusted
with the extreme volitility of the market. I will restate the fact that I
believe it is becoming a tool of the hedge funds to rape the average investor by manipulating and using illegal means to make gains. The rules that are there are not inforced, and the penalties are a joke to these guys.
I for one have vowed not to put another dime into a mutual fund or 401K, as I believe that this has become just another tool for the hedge funds and market makers to have large pools of money to line there pockets at the little guys expense.
If rules are not put back in place to control these activities I believe that not only will the retail investor will loose all confidence and go away, never to come back. Markets and equity value will continue to deteriorate for benefit of a few with aces under the table, betting against America.
Regards,
Tom Greenwood
----- Original Message -----
From: "SEC Help"
To: "Greenwood, Tom"
Sent: Tuesday, March 31, 2009
Subject: SEC Response - File HO1323812
Dear Mr. Greenwood,
Thank you for your comment on the uptick rule. The Commission has announced that it will consider proposals relating to short sale price tests at an open meeting scheduled for April 8, 2009. The meeting will be webcast from the SEC's website at www.sec.gov/news/openmeetings.shtml.
Should the Commission vote to publish a proposal for comment, a comment file for the rulemaking will be created once the proposal is published by the Commission. Your comment will be placed in that file.
Sincerely,
Office of Investor Education and Advocacy U.S. Securities and Exchange Commission
From: Patty Greenwood
Sent: Saturday, March 21, 2009 M
To: TradingAndMarkets
Subject: uptick rule
I would like to express my opinion regarding the Uptick rule that was abolished July of 2007, having personally observed the market volitility increase almost to the day that the ruling was made to remove the uptick rule I would say that it had a significant effect on the markets.
I would also tend to believe that this was one of the contributing factors in the eventual colapse of the general market and in tern the economy.
I have become increasingly frustrated watching my investments crushed by what would appear to be attacks and manipulation by shorting hedge funds. I personally think that shorting a stock in general contradicts the fundimental spirit of investing, but the ability of these so called investors to artificially drive down stocks to the point that they put companies out of buisiness is destroying this country and its citizens wealth for the riches of a few.
Thank you for your time.
Tom Greenwood