May 9, 2009
I have watched helplessly as powerful players in the market have systematically, purposely destroyed share price for profit, on any company that shows weakness. These were not companies that were horrible companies, just simply ones that had a chink in their armor. I currently own two of these companies- C and BAC.
While on one side I appreciate the opportunity to own such great companies for next to nothing, I continue to see the manipulation of the market through short-sellers daily, especially on C. Anyone can recognize the unnatural movement (or lack thereof) C exhibits daily, reacting slowly or not at all to events that move most financials up as a whole, and getting slaughtered on any bad news, taking a week to recoup the losses.
Any honor that ever existed on Wall St. has been lost completely to greed. The belief that everyone has an equal shot at making money through due diligence, and careful investments, has been thrown out the wiindow by anyone having the ability to drive a stock down without pause, and make money on both sides with little or no risk. Options already allowed us to play both sides, but provided some balance to the fight.
This said, I am in full support, and am asking you all to reinstate some form of the uptick rule, if not banning short selling all together. I can again feel the pressure mounting as some of these stocks regain what was lost, and they will not survive another attack like those of the past year from the shorts.
Thank You for your time and consideration.