July 26, 2008
Please reinstate the up tick rule to help end this gross market manipulation. As well end all naked short selling, as this has been an obvious accelerent to the decline in share values of numerous companies.
The ability to naked short shares that are held by large financial entities and hedge funds has destroyed true market value and investor confidence. Both of which cripple the overall market and in turn the US economy and well being.
Allowing naked short selling for the sake of liquidity in the market simply allows the "big boys" to manipulate prices to their financial advantages regardless of the true health and value of the companies being attacked.
The playing field needs to be leveled across all investor levels or you are simply turning the market into a trading floor instead of an investment vehicle.
For our economy to recover, trust and confidence in the market must be created. To create this, the SEC needs to put an end to the blatantly obvious manipulation of stocks. This manipulation has lost all subtlety and is now just a gross example of greed and lack of fear of reprisal from the SEC.
Please address the companies on the SHO list starting with those that have been on it the longest. The very fact this list exist shows how funds have been shorting and naked shorting with impunity. Force a delivery of shares on all companies and have a fresh start from a true share value for each company and not simply certain sectors.
Thank you for taking the time to address these issues.