May 9, 2009
Please reinstate the uptick rule by at least a nickel. I am in the advisory business. Only very large hedge funds benefit from the laissez faire attitude about naked shorting, elimination of the uptick rule, lack of hedge fund oversight, and punitive application of FASB -157.
It's much easier to destroy something than build it. The shorts were able to create panic in the financial businesses by breaking the backs of the financial stocks.
The government should not have ever allowed financials to be leveraged 30 or 40 times in the first place.
"Circuit breaker" fix proposals are what the hedge funds WANT. They are saying "please don't throw us in that briar patch" while knowing a real fix would be reinstatement of a serious uptick rule, prohibition of naked shorting, restrictions on leveraged ETF's, and the vigorous enforcement of margin rules for all players (especially hedge funds, private equity funds, and ETF's).
THANK YOU IN ADVANCE FOR ALLOWING MAIN STREET TO GET BACK IN THE MARKET