February 19, 2010
Sirs:
Keeping it simple is always the first approach.The up-tick rule was in force for 70 years and served a useful purpose in regulating short selling.
In my view our securities markets have one credible purpose.That purpose is to allow citizens to participate in the growth of our American industry and commerce.If an investor loses faith in a particular company he can sell his stock.
We have no obligation to facilitate the actions of speculators who treat our markets as casinos rather than as investment institutions.Just the reverse.Speculators should be governed to avoid their destroying of our markets -- which have been a model for the world.
I am in favor of re-instating the up-tick rule and an even stronger version if one can be devised.Our markets are for investors not casino operatives.
Thank you,Frank Spinelli