September 1, 2009
As an investor, I think the market is rigged for the benefits of big brokers, hedge funds and trading houses.
There have continued problems with naked short selling, front running via flash trading, piling on (absence of the uptick rule), abusive use of leverage (via the linking of stocks, futures, and options). Investors cannot feel confident that the SEC will protect them. Evidences have continued to increase that the past SEC have been siding with the Wall Street insiders at the expense of small investors. It is not surprising to see a destruction of wealth and capital formation as a result of this misguided, erroneous approach. I hope that the current SEC should critically discount any suggestions from the Wall Street insiders. What is good for the Wall Street insiders may be bad for the economy and the country.
In my humble opinion, the current SEC should implement the Alternative Uptick Rule immediately as a gesture that the SEC is willing to do its job to protect the public.