February 9, 2009
Dear SEC, after July 6th, 2007, my 401k dropped by almost 50 percent after having worked for 16 years at Micron Technology and saving faithfully for retirement with no pension plan. The uptick rule is a former financial regulation that was eliminated by the SEC, effective July 6, 2007. Established after the great crash of 1929, the uptick rule was designed to restrict short selling. I read a few articles which I have attached in the word document. The main reason I am writing is because I would like to know why the uptick rule was eliminated or at least get direction to where I can find information as to why the decision was made to pull it.
Thanks,
William Hartley