February 11, 2009
Reinstate the Short Up-Tic Rule:
I'm an investment advisor and just wanted to let you know that this stock market has been extremely hard to invest in. It all started with removing all the safety mechanism that were learned from the 1929 market crash. Mainly the short up- tic rule. Since that was removed the market has been very volatile. I believe the short up-tic rule needs to be put back in place. When the government prevented short selling in the financial stocks in October of 2008 they forgot about the rest of corporate America. There are so many good companies out there selling at a fraction of there net worth. Its criminal that these large institutions can profit from pushing (shorting) good companies out of business just by driving there stock prices down to profit from. I'm not saying we need to band short selling but there needs to be restrictions from allowing this to happen and more scrutiny form the regulators on these types of investments. The short up-tic rule prevents large money managers or hedge funds from driving companies stock prices down continuously in a way that is in correct.
Peter Ferraro