May 15, 2009
By taking out the uptick rule in July 2007 and allowing naked shorting, the SEC has permitted the stock market to become a casino instead of a place where companies can obtain capital from investors.
This has permitted market manipulation by short sellers and various hedge funds.
I thought the SEC was responsible for passing rules and regulations (as well as enforcement) to prevent market manipulation.
The uptick rule should be reinstated (not a watered down version to placate short sellers and hedge funds) along with a 100% ban on naked shorting. Those who violate these new rules should be punished with fines and jail terms.
I am an investor who has been disapointed in the SEC'S past actions, but trust you will now do the right thing.