May 7, 2009
During the Industrial Revolution in England it was said: "Government is instituted to constrain the worst impulses of private sector business". The uptick rule and the ban on naked shorts were instituted to prevent the "retail" investor from being overwhelmed by professional investors and hedge funds.
As government is increasingly influenced by business interests, it is important to remember why government exists. Please reflect on the results of allowing naked shorts and ignoring the uptick rule. Our nation's economy and private investor holdings have been devastated by these activities, and wealthy investors have made unprecedented profits at the expense of small investors.
Please do not water down these rules in favor of large investor profit making. The small investor is the hub of our nation's economy, do not allow us to be pilfered by the big money interests.