May 29, 2009
Please reinstate the uptick rule. See report that will be submitted to you on Monday by Jim Cramer. The SEC is supposed to REGULATE and I think that the decision to abolish the uptick rule was irresponsible, naive, and precipitous. This rule was established to prevent runs on banks and what happened when it was abolished?? This rule levels the playing field and does not allow large buyers in the market to wipe out the smaller guy--the hedge funds got their way in abolishing this rule and look what happened. I also believe it should be investigated as to why Chris Cox had the audacity to lift this rule.
Thank you for your consideration.