September 17, 2008
Dear Commissioner Cox:
As I urged in my prior correspondence of early August of this year, but you respectfully rejected, the reinstitution of the enforcement of existing naked shorting rules and regulations, I welcome your conversion to this enforcement mind set.
I now urge, in fact I implore, your agency to reinstitute the "uptick" rule before it is too late for the markets to recover.
Here is a brief snippet from my earlier correspondence:
"Please consider VIGOROUSLY enforcing the laws on the books, make your August 12, 2008 extension permanent and go one step further: Extend the naked short selling prohibitions to ALL securities. My professional opinion is that if the SEC does not do this, the public will lose all confidence in the markets..perhaps justifiably so. "
If you do not stop the behavior of the widespread and manipulative sophisticated hedge fund managers, never anticipated, nor confronted by previous commissioners, you will go down in history as a tragic figure who failed to see that which will become all too obvious in the months ahead.