May 4, 2009
I own 41,000 shares of Citigroup stock. I have tried to short my own stock to lock in a price as the stock prices fell and I was unable because my Broker Etrade has loaned these shares to hedge funds so they can short the stock. In addition, the naked short selling that has been going on artificially increases they number of shares without action of the corporation. These hedge funds are being allowed to drive the stock prices down and should be immediately forced to transfer shares when a share is sold. What is the SEC doing as peoples life savings are being destroyed? Maybey an investigation of the SEC itself is in order also. We have the Madoff scam etc.
All naked shorting of stock should end. The SEC should immediately reinstate the uptick rule so that a whole penny (.01 dollars) is required before it can be shorted. The hedge funds are allowed to trade at fraction of a penny that a normal owner of stock can set.
These hedge funds have contributed to the destruction of our economy. Citigroup has 20% of its stocks shorted at this time. How is that possible. Are there that many owners of Citigroup shorting their own stock. I believe this is not the case and the number of shares are being inflated.
These hedge funds give alot of money for political preference I think. It is sad that that the average American has to play in such a rigged game as the market seems to be now.
I am sad I risked my life for this county for 25 years and now these criminals are allowed to go free. Our founding fathers would have strung them up.