February 23, 2009
Dear Commissioner: Please re-instate the uptick rule on short sales of securities. The uptick rule's rescission in June 2007 contributed directly to short-sellers (including funds) being able to relentlessly "pin the bids" of stocks, such as financials, forcing stock prices lower and lower, and causing massive damage to long investors. To date, shorts have conducted endless bear raids with impunity (and will continue to do so unless and until the uptick rule is restored). The fact that the uptick rule had not already been re-instated, in the first place, throughout the entire market crash, is downright absurd. The reinstatement of the uptick rule is important to regular investors who hold their retirement savings in mutual funds & 401Ks. These are middle-class working people who do not trade on the short-term. These people are the majority & they need some type of protection from market short selling that destroy the value of their nest egg. Knocking down stock prices does nothing good for anybody other than a small minority of short- term traders & hedge funds that do the short selling bear raids at the expense of the majority.
Also, please review the Enron Bankruptcy and do not support Mark to Mark Accounting. In light of these difficult economic times, your support would
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From: Elizabeth Paden
Sent: Monday, February 23, 2009
To: CHAIRMANOFFICE
Subject: Re: Re-instate the Uptick Rule on Short Sales
Dear Rep. Gerlach: Please re-instate the uptick rule on short sales of securities. The uptick rule's rescission in June 2007 contributed directly to short-sellers (including funds) being able to relentlessly "pin the bids" of stocks, such as financials, forcing stock prices lower and lower, and causing massive damage to long investors. To date, shorts have conducted endless bear raids with impunity (and will continue to do so unless and until the uptick rule is restored). The fact that the uptick rule had not already been re-instated, in the first place, throughout the entire market crash, is downright absurd. The reinstatement of the uptick rule is important to regular investors who hold their retirement savings in mutual funds & 401Ks. These are middle-class working people who do not trade on the short-term. These people are the majority & they need some type of protection from market short selling that destroy the value of their nest egg.