May 8, 2009
I am an individual investor. I was in the market when it was at 14,000 and I am still in the market, poorer and more understanding of the politics of SEC protection of individuals.
Those interested in "robbing" the banks did it the easy way. They talked the SEC into changing the rules so that they could rob the banks legally. Why do they rob banks? Because that's where the money is.
The previous administration and its SEC was either stupid or lazy. The result was a wholesale transfer of wealth, mine included, from individuals to the robbers. I believe the current SEC is neither stupid nor lazy. But politics is politics.
Please don't flinch, and don't compromise to accomodate the interests of all parties. The robbers are rich and powerful, now even more so. Naked shorting is wrong. Removing the uptick rule was assinine. Short, single-interest intra-day ETF's are part of the robbery process. You know it, and I know it. Please put the politics of accommodation aside and protect me.
It's your job.
Regards,
Stephen Phillips