May 4, 2009
Please bring back the uptick rule. The rule had a significant impact on the market and acted as a stop gap on abusive short selling. The rule was in place for 70 years and should not have been removed. Short selling has its place in the market but should not be allowed to drive companies into the ground. Uncovered naked short selling is hardly regulated and has helped to destroy several large cap companies along with many small and micro cap companies. Short sellers use loop holes to get around federal margin rules and exploit the market capitalizing on fear and negative sentiment that is rampant. Market makers and brokerage houses need to be held accountable for their actions. Please enforce the rules, bring back the uptick rule and implement the technology that is currently available to stop the abusive and illegal short selling that is rampant in the market today.