April 21, 2009
I listened intently to the televised hearing on this proposal and feel that the uptick rule in it's original form should be reinstated to protect the individual investor. I donot believe that modified versions will increase investor confidence in the fairness of the markets which have been heavily tilted in favor of short sellers since the original rule was eliminated in 2007. Anything short of reinstatement of the original rule will be viewed as a whitewash that would continue to favor the short selling community.
Furthermore,I must note that I listened to Kathleen Casey's comments on the proposal and felt that she was obviously a supporter of removing the uptick rule in 2007. I believe her comments were defensive, arrogant and that she should be removed as a commissioner. She is clearly more focused on the interests of the hedge funds,short sellers and broker dealers than she is on the retail investor. It was disappointing that elimination of market manipulation and ensureing market fairness were not even mentioned as her most important priorties.