June 2, 2009
Dear Madame and Sirs
In the recent trading sessions, I have noticed a lopsided effect happening on our markets to the benefit of fund managers and so called "shorts".
This lopsided effect is taking our retail investor, and all but destroying anyone taking investment matters into their own hands, while benefitting a select few.
GM, SIRI, Just to name 2 stocks that have been Media and shorted to no end, in the last few months.
I invite you to look at the bidding action daily on SIRI.
The volume seems to average 15 million shares, all trading within a penny. Now how can that be? I know using programs and machines are legal for funds and such, but it has really been manipulating the prices to the benefit of a few, and no benefit to all.
I really would like to see some sort of UPTICK RULE, or "SHORT RULE" enacted as soon as possible.
There has been a major outcry on just SIRI alone. I do know SIRI is not alone, and we need to protect the investments of all.
Please DO something about this. We do not elect the president, but we do elect everyone else. And we need you to protect the people, the voting people.
Thank you,
Jeff Jacobsen