May 10, 2009
To the SEC
RE: Changes to Short Selling Rules
I support and urge you to adopt the proposed modified uptick rule using the National best bid method.
I am in favor of restoring the Uptick Rule that was eliminated in 2007.
As background, I am an individual investor that has lost a huge amount of portfolio value due to the 2007 and 2008 declines in stock prices. This was caused by extreme short selling and the growth of a new enhanced industry of short selling funds designed to benefit from the destruction of the financial industry through negative actions, comments, rumors, lies and manipulation.
The SEC must enforce short selling rules that prohibit unfair trading practices that undermine investor confidence and caused many Americans to lose their retirement money like myself.
I have always been careful in selecting stocks that were steady performing businesses that generate dividends. Now after being retired, I am back at work just to make ends meet. I still have a portfolio invested in stocks of dividend companies. I cannot afford to have these companies shorted out of business existence because of a lack of the SEC Uptick Rule.
Please adopt the Modified Uptick Rule using National best bid. I pray that you will.
Thank you,
Donna Cressman