August 18, 2009
Subject: In support of the "above bid short selling rule."
Dear Chairman Shapiro...
I wrote to you on on January 30, 2009 regarding the uptick rule (see thread below). Almost seven months have passed since my last email. The markets collapsed in March and are still on very precarious grounds, despite help from the "invisible" hand of the Fed. Many smaller stocks have never recovered despite a solid future ahead of them.
I understand that you are still soliciting commentary on the matter of the Uptick Rule and Short selling. Illegal short selling persists and investors are being unduly punished for the benefit of "rogue traders" and under the pretext of maintaing liquidity. I have no problem with legitimate short sellers (they put their money where their mouth is and are willing to meet their maker (so to speak). But naked short selling (the most damaging of all) persists despite the fact it is considered illegal. What do you need to see to reinstate integrity to North American financial markets, and save Investors, Pensioners and Businesses (large small) that have been the foundation of a thriving America?
The time has come to take action. The frequency trading, front running, quasi-derivatives, insider trading and wanton naked short selling make a mockery of our markets. They make Mr. Madoff look like a Saint. Everyone knows it. Who will be left to trade a the end of this?
Chairman Shapiro, I realize it takes time to get up to speed on the issues confronting your organization. Please hurry, time is not on our side. You and I are getting older and future generations will pay the consequences of our inaction.
Thank you for listening,
Best Regards,
Selim