June 1, 2009
Mary L Schapiro
SEC Chair
100 F Street, NE
Washington, DC 20549
Thank you for allowing the public to state their opinions on this matter.
I believe the reinstatement of the "up-tick rule" would be advantageous to the integrity of the stock market and a definite benefit to all small investors like myself. To allow certain individuals to drive down a stock without any regard to the actual value of the stock and the underlying company is morally reprehensible.
I wholeheartedly support the "up-tick rule" and would like to present for consideration an additional caveat to the rule. Please consider requiring short sellers "borrow" the stock before allowing them to place a sell order. At any time that short interest exceeds 5% of the outstanding shares of a company a quick check of where these shares are and what the disposition is of these shares should gain significant control of the abuses we have recently witnessed. This addition to the rule would eliminate the "naked short selling" and would surely be easily enforceable. Putting more responsibility and risk on the short sellers should curb the mob mentality that seems pervasive in the mass short sell.
Thank you for your consideration.
Glenn S. Dorr