May 14, 2009
This past year has been a total shock to me...not the amount of the financial loss we have suffered (which amounts to nearly one half of our savings), but most especially because of the REASON for most of these losses. I understand that we are responsible for keeping track of our investments, and we certainly have, but we were absolutely helpless in the October/November 2008 period when short sellers absolutely killed our hopes of regaining any control of our accounts. We can only attribute this to naked short selling, and I shall never understand why our government allowed this to happen. Certainly there is a place for short sellers but not to the extent that they are able to manipulate the markets in this manner. They have hindered the progress of the free markets and we really have no other recourse to increase our savings.
Sirs, we DESPERATELY need your protection, and the reinstement of the uptick rule would be the best start I've heard of.
Thank you. Barbara S. Drenning