June 2, 2009
I urge the SEC to do its job and protect individual investors and U.S. corporations. Reinstate the original uptick rule, and enforce the regulation against naked short selling.
The SEC's various proposed rules are complicated and would be difficult to enforce. I don't believe that they would "restore investor confidence". I believe that there would be a great benefit to simplifying the rules and making them straightforward, easy for everyone to understand, and easy to enforce.
Many of the comments made by other members of the public have suggested simple rules. I urge you to seriously consider these well-thought-out ideas instead of being influenced by the desires of the market manipulators, who would prefer that no straightforward rules stand in the way of their profiting enormously by taking down our country's corporations.
The many Byzantine complications that have been introduced into our financial system have not served anyone well except for these financial pirates, who have been profiting hugely at the expense of the rest of us. Their greedy market manipulations have harmed those of us who are just normal, old-fashioned investors. The manipulators have also greatly harmed the businesses that we investors sought to support and whose success we hoped to share in. Now many of those businesses are bankrupt, and many of us are bankrupt, too.
Facilitating investment in businesses should be the function of the stock market. If the pirates want to gamble, let them go to Las Vegas. Make regulations that will keep them from profiting at everyone else's expense and to no one's benefit but their own.
KEEP IT SIMPLE.