March 29, 2009
The Republican run SEC made a terrible mistake when, in October 2007, the uptick rule was rescinded. In the March 25th edition of the WSJ I read that the stock exchanges wrote to the Ms. Schapiro that the proposed uptick rule change should allow for a 10% daily decline before invoking the uptick rule. That would clearly make the rule gutless and ineffective. It’t clear that the exchanges do not care a whit about the stock investors but are only interested in promoting volume by hedge funds using computerized trading methodologies. These hedge funds do not practice investing. They do practice market destabilization so that they can run down stock prices without any impediment. Ms. Schapiro should resist the exchanges and help restore stock investing for its true purpose the growth of American Capitalism. By reinstating an effective uptick rule the SEC would help to restore sanity to investing. Ms. Schapiro, the safety and well- being of the American public is at stake.
Thank you,
John Del Gaizo