May 29, 2009
Re: S7-08-09 debate on the "uptick rule"
I'm a retired little guy who lives on soc sec + the yields on my modest capital accounts. I recently lost lots on Lehman Bro bonds when they went bankrupt. It could have been prevented. If short sellers had to abide by an uptick rule, and speculators were required to hold debt of a Co before they could buy CDS's, hedge funds could not have brought this company to its knees. Therefore, I urge you to bring back the uptick rule in it's originally intended form (stop continuous shorting with out an uptick) and require shorts to prove they have borrowed stock to before they can sell it sell short. These rules make sense. Please don't dismiss them. Protect the little guy.