February 23, 2009
Dear SEC The removal of the uptick rule in the summer of 2007 has been a very profitable event for the few that supported this change. I have no idea who they are or who they paid in govt. to have this trading rule changed, but they have made millions at the expense of many believers in the US economy and it’t govt. regulators. Please get the word out to the markets and the investor class as to your reasoning at not reinstituting the uptick rule ? ? The flat out manipulation that has taken place is unprecedented and I have not seen anything like it in my 22 years in this industry. Why has there not been one word form your offices on the naked short sales that have obviously occurred in the past 18 months This is simply absurd and the SEC needs to get to work. Just take a look at the trading in UAL Corp on Sept. 8th 2008 and tell me that there was NOT a well placedrumo or two strategically placed that day to benefit the short sellers ? Yet NO investigation by anyone, anywhere? If you want to restore any confidence in the markets at no expense to the taxpayer and help the US get back on the road to recovery, please review this flawed policy. I look forward to a response so that I may pass it on to many hard working, honest, investors. Regards, David Murphy
David H Murphy
First Vice President-Investments
Wachovia Securities, LLC