April 1, 2009
The purpose of this continued correspondence is to in the most respectful and strongest language urge you, the SEC to completely reject the idea of weakening the UPTICK rule if re- instated.
Stocks such as E*Trade Financial have over 10% of the entire float sold short. Many of those shares illegaly, and in direct defiance of the REG-SHO requirements.
While the potential re-instatement of the UPTICK rule gives individual investors such as myself hope that one day you will in fact do your jobs. Recent suggestions of modifying the UPTICK rule by the Exchanges dashes those hopes.
Your Department EXISTS for the sole purpose of regulating the markets and in that I hope someone there actually plans on doing such.
Enough is enough, you have allowed the hedgefunds to decimate individual investors for long enough through their manipulative use of Market Makers and sell programs with no regulation whatsoever.
Sincerely,
Richard Hughes
Ex-Financial Advisor