February 20, 2009
Dear Sirs:
The way the banks stocks are going down easily, one can almost be certain that there must be some naked short selling going on.
By this time, most of the bad news in the finacial stocks must have been discounted, and the weak longs must have sold out. But these stocks keep going down. There must be some illegal shorting going on.
I have stated in the past that short sellers use the repeal of the uptick rule and naked short selling to destroy individual stocks, and in the process create fears to take down the whole sector and the whole market and the economy. I have been proven right many times. I hope the SEC will do something right to level the playing field.
THE MARKET IS STRUCTURALLY BROKEN AND NO LONGER A PLACE TO INVEST OR TO RAISE CAPITAL! Please fix it.
I hope somebody in the SEC will take my message seriously.
Sincerely,
Dan N., CFA, MBA, CIA (Certified Internal Auditor).