May 4, 2009
It seems obvious to me and I think it would be to anyone who applied a stress test to naked short selling that it can be and has been abused dramatically. It results in the destruction of valid companies, primarily because they have borrowed money, and it results in less capital formation because of the increase in risk to entreprenuers and growing companies. PLEASE, PLEASE do what is right for the everyday investor, our 401k and pension funds and prohibit naked short selling.
The reinstatement of the uptick rule would also assist the average investor and all of our invested funds no matter what all the 'big guys' say.
I will be pushing my representatives to pass laws to require these reasonable rules that are common sense for the health of the average tax payer in the event you, the SEC, our government agency assigned the task to control our securities and exchanges refuse to act responsibly
Jerry W. Willis