February 1, 2009
Dear Mrs. Schapiro,
One of the many errors of judgment by the last US administration was the withdrawal of the uptick rule. It has led to unnecessary ravages in the financial markets. Sound stocks have been damaged.
It is time to create rules to protect the average investor and their savings.
I have written (september 17, 2008) to your predecessor to reintroduce the uptick rule and to stop illegal naked shortselling activities of hedge funds.
All to no avail.
I therefore will now ask you: please reinstate the uptick rule before it is too late.
Kind regards,
Michael Draper
Amsterdam
The Netherlands
PS Even George Soros agrees with me!