September 9, 2008
On 9/8/2008 someone planted a false news that United Airlines was going bankrupt and the stock crashed from $12 to pennies within seconds. The trading was subsequently halted but the damage was done and many investors lost millions. On 9/9/2008 rumors started about Lehman Brothers and the stock crashed 45%.
There is a consortium of hedge funds who are doing naked shorting and manipulating the markets big-time. With the SEC asleep these funds have become emboldened year after year. Its just a matter of time when more companies will be driven out of business by these vulture funds. By the time SEC wakes up, it will be too late. The US will have become a third world country.
With the up-tick rule gone and no protection against naked-shorts, the financial systems in US are on the verge of collapse. There are no safe guards in place and SEC has turned out to be a completely useless organization.
With no protections in place there is no reason why any sane individual should be invested in the US markets.
SEC has failed miserable and should be scrapped.
From: A completely disgusted and frustated investor.