Opinion Source Information:
Wall Street Journal
In a two page letter, Sens. Carl Levin, D-Mich., Arlen Specter, R-Pa., Saxby Chambliss, R-Ga., Jon Tester, D-Mont., Ted Kaufman, D-Del., and Johnny Isakson, R-Ga., said they were troubled by the findings in the SEC inspector general's recent report which found that the enforcement division took no action to curb abusive short-selling despite receiving more than 5,000 complaints.
"To be clear, we are not opposed to short-selling itself, which can enhance market efficiency and price discovery," they said. "But naked or abusive short-selling has gone unaddressed for far too long and simply must end if the SEC is to restore investor confidence in the markets. In the absence of a strong message from the SEC, we believe Congress will need to consider legislation that directs the SEC to do so."