May 4, 2009
Re: S7-08-07 SHO May 4,2009
Please bring back the full uptick rule and do away with naked short stock selling. Middle class Americans need their 401Ks and IRAs to keep them afloat. Social Security is not a given in future years. Without supplemental retirement funds we will find ourselves in a boat similar to Latin America and other two tier economic societies.
Except for the few greedy and immoral traders very few investors benefit from naked short selling in the absence of the earlier uptick rule. Mr. Cox made a mistake. Thank God he's gone. Please correct his transgression by adopting a permanent full uptick rule. Adopting a new uptick rule will encourage the return of retail money now sitting on the sideline. American investors are not stupid. We've been burned and a manipulated watered down uptick rule will not work. The financial markets will only benefit and respond to a permanent rule.
What's taking so long?