May 29, 2009
I am from the home of the 101st Airborne.
For thirty-three years I have represented small investors: soldiers, teachers, plant workers with 401Ks, etc.
I, personally, believe the change in the up tick short sale rule did more damage to small investors than all the Bernie "Maddog" Madoffs in the world.
The change did more damage to the small investor than the sub prime mortgage.
Please put the up tick back plus require borrowed stock to short.
Change pricing to 5 cents or 12 1/2 cents. Whatever it takes to put it back like it was before Chris Cox took over.
On March 6, 2009, a hedge fund bully bragged about shorting J.P. Morgan.
"It is like shooting fish in a barrel."
More small investors feel like THEY have been shot
I am pleading with the powers that be. PLEASE CHANGE THE UP TICK RULE BACK LIKE IT WAS FOR YEARS.
Sincerely,
Ed Sneed, Jr.
Small Investor Advocate