April 10, 2009
As an individual investor, I urge you to apply aggressive rules to help control Short Selling that can allow "piling-on" and the rapid deterioration of an individual stock or of the overall Market. Therefore, I fully support Short Selling restrictions on BOTH the overall Market and on Individual Securities.
With respect to your first proposal, I prefer the "last sale" approach. With respect to your second proposal, I support a Circuit Breaker AND a Short Sale Price Test Rule based on the "last sale" price.
In addition, I urge you to take aggressive action against the practice of Naked Short Selling.
Even Las Vegas has strict rules that ARE enforced. I feel that Securities Rules have (1) not been aggressively enforced in recent years and have been diluted such as by the deletion of the "Uptick" rule and the wide spread practice of Naked Short Selling.
New rules are needed so that we can (1) have more rationale and orderly markets and Capital formation and (2) to support the Economic Recovery that is essential to the future of our country.
In summary, I urge you to implement these new rules ASAP - and I'm somewhat disappointed that these Rules aren't being implemented more quickly - based on our economic state and the urgent need of recovery.
Thank you for considering my opinions and I hope you act soon.