May 5, 2009
We need the uptick rule like it was in the past. NOT a watered down version like the proposed to satisfy an industry that has demonstrated no restraint, or ethics.
They are like the old mafia, complaining that they won't be able to make any money should another legitimate company come in offering security protection.
They can still make money trading. They can still sell short, just not unrestrained. It will be more difficult to sink a company's value with the out of control short selling we have seen in recent months.
They have demonstrated a bent for making cash selfishly with no regard to taking a basically sound company and trashing the stock value, putting the companies in a real bind. They did this over, and over, and over.
Don't give in to their whining, and lobbying. The uptick rule fashioned like the old rule, will not kill them, but it will keep them honest.