May 31, 2009
We need the ORIGINAL UPTICK RULE TO BE REINSTATED, not a variation of what has worked for the past 70 years. Christopher Cox and friends should be prosecuted for dereliction of duty for repealing the uptick rule solely based on a small sampling taken when the market was at its all-time high. The rule was put in place to protect investors during bear markets (bear RAIDS), and thanks to the SEC's repeal of the uptick rule, I have lost 2/3 of my life savings.
I am not a wealthy person. I am a 56-year-old UNEMPLOYED single woman. I have been self employed for most of my life and have paid HIGHER TAXES because of it, while receiving no pension or extra pay for working weekends, holidays and 100-hour weeks. When I could, I invested in Apple Computers for my retirement, only to see it obliterated over the past year as one Steve Jobs rumor after another has led to constant bear raids enabled by the lack of the uptick rule.
C'mon We were promised the return/reinstatement of the uptick rule back in January during Mary Schapiro's confirmation hearings. Six months later, we're debating 6 watered-down, half-a$$ed variations of the rule that has worked just fine for 70 years -- THE RULE THAT SHOULD NEVER HAVE BEEN REPEALED IN THE FIRST PLACE This is absurd YOU ARE KILLING THE SMALL INDIVIDUAL INVESTORS OF AMERICA
Now that my business in the home building industry is defunct and my life savings have been all but wiped out, I NEED THE HELP OF THE SEC TO PROTECT WHAT IS LEFT. PLEASE KEEP YOUR JANUARY PROMISES.
PLEASE DO YOUR JOB REINSTATE THE ORIGINAL UPTICK RULE IMMEDIATELY