June 15, 2009
SEC:
The uptick rule needs to be reinstated.
The naked short selling is a way to munipulate the market that is unfair to the small cap and the individual investor. This allows hedge funds and large brokerage companies to target small companies that are performing well and in most cases need capital. By negative shortselling they are able to drive down the stock and steel millions due to a loop holes in the law. Several good upcoming companies have been forced into bankruptcy.
Without this rule it makes it impossible for the small investor to invest in a level market and expecting stock to increase on the performance of the company and be munipulated downward simply because of naked short selling.
In my opinion the removal of the uptick rule in 2007 contrributed geratly to the losses in the market in 2008. This caused mega losses in the billions maybe even trillions of dollars. Personally I can identify specific stocks that were targeted by negative short sales that cost me in direct stock losses (not including mutual funds)in excess of $300,000. That is alot of money for a small investor.
Please help restore the fairplay to investing in the market
Sincerely,
Garold May