September 23, 2009
Dear Chairman Shapiro,
I am in full support of the view expressed in the letter which follows. Although not mentioned in this letter, these unlawful practices are particularly dominant in the silver markets. SEC actions to restore stability and sanity to these markets is long overdue. I hope and trust that you will perform the necessary actions required to level the playing field to allow our financial markets to operate as they were intended to operate.
We both know that these unlawful practices cannot go on forever. Therefore, the time to act is now.
Dear Chairman Shapiro,
Subject: In support of the "above bid short selling rule."
As a seasoned investor and due to hedge fund organized short raids pounding all bid in sight, markets in general and financial institutions specifically collapsed in March and are still on very precarious grounds, despite help from the "invisible" hand of the Fed. Many smaller stocks have never recovered, despite a solid future ahead of them.
I understand that you are still soliciting commentary on the matter of the Uptick Rule (above bid rule) and short selling. Illegal short selling persists and investors are being unduly punished for the benefit of "rogue traders" and under the pretext of maintaining liquidity supported by academic studies and a large parade of self interested professors.
I have no problem with legitimate short sellers. Naked short selling (the most damaging of all) via Canada and other non-US sites persists, despite the fact it is considered illegal. What do you need to see to reinstate integrity to North American financial markets, and save investors, pensioners and businesses (large and small) that have been the foundation of a thriving America?
The time has come to take action. The frequency trading, front running, quasi-derivatives, insider trading and wanton naked short selling make a mockery of our markets. They make Mr. Madoff look like a Saint. Everyone knows it. Who will be left to trade at the end of this?
Chairman Shapiro, I realize it takes time to get up to speed on the issues confronting your organization. Please hurry, time is not on our side. You and I are getting older and future generations will pay the consequences of our inaction.
Thank you for listening,