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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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To: The Ox who wrote (4624)9/19/2009 12:13:09 AM
From: gregor3 Recommendations   of 5034
 
The UP Tick rule which served this nation well before it was robbed from the American people, if not re-instated, will be the cause of the next metastatic cancer that is worse than the first occurance of cancer and will be impossible to cure. The SEC is rapidly wasting the only chance they have to level the playing field for Main Street, America.

Does not the SEC understand that there are 10,000 hedge funds that trade on our exchanges. These entities which are as diverse as the type of cancers that plague our financial system, are working on novel ways to pervert our trading systems.

I have advocated an uptick rule "with teeth" which means a system that will protect. Keep in mind that common spreads 50 years ago were 1/8 to 1/4 point. With common spreads now .01 a computerized program would be able to sell 10,000 shares short, buy 100 shares, at the market,( which would constitute an uptick) to issue the next order to naked short the next 10,000 shares.

Will it take another market melt-down to convince us. The next one will not be recoverable.

I don't want to "merge" the SEC with another Fed agency. Let's do away with them, the mere memory of Christopher Cox, the current puppet administrator, and start anew with an agency that will protect the people and not the hedge industry.
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