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September 14, 2001 Asensio & Company, Inc. responds to SEC Chairman Pitt’s short selling comments. |
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Asensio & Company, Inc. responds to SEC Chairman Pitt’s short selling comments. The Democratic World and Free Enterprise have suffered horrific events at a time when our leaders and all members of our society are striving to better our economy. The securities industry is among the most affected, having sadly lost many diligent and devoted workers when America needs their service. Wall Street workers earn their living by helping to persuade Americans to take enterprising risks with their savings. This is a complicate duty requiring balance between conservatism and speculation; between personal and societal interests. Despite being unwisely hampered by out-date restrictions short-sellers are the element of our free markets that keep the system balanced. Certain contained amounts of fair speculation are symbols of confidence and robust economic activity. However, society is not well-served when unbridled speculation is allowed to funnel savings towards areas with questionable value. It benefited too few, too greatly and too wrongly. This is what short-sellers challenge. Not the system but those who abuse the system. There is great value and great potential in America's economy. Today America needs Wall Street to be strong and to be confident. |
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