May 5, 2009
I am Joe the Investor. I have a moderate amount of money invested in the stock market.It is not a substantial amount in comparison to some, but represents my retirement money as well as some self-investment money. In addition we have a small investment club that we have started for immediate family and our children. The naked short selling has greatly impacted the results of these investments with at least 3 of my stocks. The only thing that I am certain of after 5 years of self-taught investing is that I do not play on a level playing field. In my opinion the SEC has implemented a regulation SHO that has NO teeth in it and was never designed to be used. At least not effectively. I will not understand a governmental agency that was formed to enforce the rules and does very little for the small investor. The investors of the heartland of America are exactly the ones that should be protected. The institutions and hedge funds do this for a living and have always been able to fend for themselves. It is my belief that any version of the "new" short selling rule needs to PROTECT the small investors and be able to be enforced. Specifically there should be a FIRM uptick rule and not a watered down version of what had worked since the 1930's. Please give very careful consideration to your dealings on this matter. The eyes of middle America are on you.