May 26, 2009
I am writing to ask you to seriously consider the reinstatement of the uptick rule. Why in the world would the SEC have dropped this rule after almost 70 years of implementation? Short sellers and highly leveraged bear market mutual funds are wreaking havoc on publicly traded common stock in this country and have contributed mightily to the near decimation of tens of millions of 401K and other retirement accounts.
Madame Chairman, why is it that the SEC allows the leveraged funds, long AND short, to completely bypass Regulation T margin rules?
Is it not the SECs mission to maintain a level playing field in the securities markets?