May 5, 2009
Dear Chairwoman Shapiro,
You absolutely must implement any of these 5 options. My favorite is the Market-wide, permanent approach - proposed uptick rule. My entire securities portfolio is in my IRA, and I am not allowed to short sell in my IRA. I am on an uneven and extremely unfair playing field. You must make it safe for me to invest again or else I will indeed pull my money from the US market. At current risk levels I am bearing under present conditions without an uptick rule, I would be better served to accept similar risk levels in other countries who offer the promise of much greater returns. If some version of the uptick rule is not passed, I will liquidate my portfolio and invest my money elsewhere. I lost 41% of my wealth thanks to the short sellers and I will not risk suffering this injustice again.
Please also ban the ultrashort ETFs.
Sincerely,
Brian Lunn