March 6, 2009
Dear Chairman Schapiro,
My only question is if it is so obvious to so many in the markets that the repeal of the uptick rule and bringing back mark-to-market accounting have been disastrous public policy, why do you have such a hard time fixing the mistakes of the Bush administration Also, if you aren’u convinced that these are issues are the problem, consider that the costs are limited and the potential benefit is huge. And you never know, maybe bringing back the uptick rule (I would rather see a temporary ban on short selling followed by the implementation of the uptick rule) and removing mark-to-market accounting might just help this downward spiral?!!
Thanks for your time,
David
David Risgaard, CFA
North Star Asset Management