April 22, 2009
Please do something about naked shorting. ETF's like SKF do more harm than any uptick rule.
Please enforce the rules on naked shorting. When the bank stocked tanked last fall, hedge funds were shorting shares that they did not borrow. More shares were shorted than the ordinary daily float on those bank stock shares.
Any uptick rule won't do any good unless you enforce the laws that are already on the books about naked shorting!
How can those ETF's like SKF that give double the gain on the financials by shorting them get away with not being held to the naked short rules?
Talk to Jim Cramer from CNBC who used to run a hedge fund. He knows all of the tricks that the hedge funds used to tank the market last fall. He'll be able to tell you who to prosecute.
Sincerely
Bob Stake