April 28, 2009
Dear Chairman Shapiro:
I believe very strongly that the uptick rule for all short sales should be immediately reinstituted. The financial industry has been needlessly harmed by reckless shortselling which has directly lead to taxpayers needing to invest billions of dollars to recapitalize the banking industry.
I also believe that Exchange Traded Funds such as the SKF should be immediately banned. These leveraged funds are of no benefit to average investors and have been a major cause of the huge losses in market value in our banking system. These types of ETF's need to be eliminated so that hedge funds will have less of a negative effect on the market.