June 9, 2009
Dear Sir or Madame:
I cannot believe that the SEC has not tried to impose a short sale price test to deal with the current volatility in the US stock market.
This lends to the impression that the Government has looked the other way while large hedge fund managers are bilking the common stock holders by using extreme investment strategies.
Furthermore, it is incredulous that more people have not been sent to prison for breaking security laws. Franklin Raines (and he was only one of many) who was given a country-club reprimand for his actions that contributed to the worst crises that the US economy has seen in many decades.
I cannot express my disappointment in the action of our Congressmen and Representative and the offices that have been entrusted to uphold the guidelines that support the constitution of the United States.
I have heard reports that regulators within the SEC have been indicted for insider trading. If this is true, what is our Government doing to fix this problem and other issues that chip away at the fabric of our economy and the security of the United States.
I will be monitoring with great anticipation in hope that Ms Schapiro is able to help with this and other pressing matters. I further hope that I do not witness a collapse in our economy, due to political posturing.
Bottom line, it is well pass the time to get our house in order. If your organization cannot show superior (in the least) weekly press releases that give credence to a consistent effort towards a stable market, then what is the SEC doing?
I trust I have made my point and again look towards a speedy recovery in our economy.