March 5, 2009
To whom this may concern,
The unchecked activity of naked short selling and the suspension of the uptick rule has created an environment for stock manipulation and market corruption. This practice has now become rampant and largely ignored by the SEC.
The average America has watched over 50% of their life saving disappear in the past year.
As I am sure you know this market destruction has caused many individuals and businesses alike to shut down financially and go into hibernation mode. If this continues, it will lead to a vicious cycle of anemic liquidity.
What happened to the days when people invested in companies to see them grow What happened to the days when Americans could take their hard earned money and put it behind a great idea
In my opinion, it is time to reward optimism and innovation again. It has always been easier to destroy than to create. Why make it even easier for unethical individuals to profit from destruction?
I am sure that you have heard this question asked in the media. "Have we lost a generation of investors"?
If people completely lose their faith in the markets, they will simply cease to invest.
In November the American public=2 0asked for a dramatic change. I truly hope you will make these rule changes before there is nothing left to fix.