July 18, 2008
Dear sirs,
As an amateur investor,it appears to me that a lot of illegal short selling has affected the market. Which of course turns a free market into a controlled market. People like myself are victimized by those who would manipulate the market by short selling without having the stock to back up their sale. This seems to be a very widespread situation. I believe that any new rules coming from the sec must embody UNIVERSAL control over ALL stock. Borrowed stock must be evident. They should also be sequestered in such a way that the same securities may not be used to securitize other borrowing. We need to get the foxes out of the hen house.There may be cause to eliminate short selling entirely in order to protect the free market.
My feeling is that only those with an specific interest in the security should have impact on its value, that is, those who own the stock should determine if they want to sell, and those who want to buy should decide if they want to buy. Anything else is only manipulation, to the detriment of the marketplace,and the economy.
Thank You ,
Howard Lipkin