July 15, 2008
Hello. I don't know if this is the right dept. or not to complain, but I wanted to address to you the situation with the naked short selling article the SEC put out today and how it pertains to the rest of the market. Particularly the AIRLINES. Because the financials are not the only industry being hit hard and manipulated by the abusive short selling of equities. The Airlines have repeatedly been pummeled by short sellers and naked short selling of shares. Look at their prices.
If you would please inquire into that industry and the market as a whole and not just the financials I think you would find blatant manipulation, naked short selling, lies, false rumors and illegal shorting by large hedge funds/firms that are destroying what little value us small investors have left in equities. I believed that by investing long term as an American I could create wealth by buying into this country's economy and be proud and confident in it. But what is the use if the wealth can be destroyed by a choice few that can short, control and manipulate the share price into oblivion with no controls in place? I as an investor feel helpless in this market as never before.
If you cannot at least tell me that someone in your administration is concerned or looking into these situations that are taking place in our Markets then I might as well give up. As I will no longer have confidence in the job you people are doing or that anyone cares. I hope I am wrong. I would greatly appreciate any response.
Thank you for your time sir(s)
Respectfully,
Craig Benedetti
DTE Energy - Measurement