May 4, 2009
I absolutely support whatever measures can be taken to prohibit 'malicious' short selling. As both a market observer and investor (to support my retirement) I was absolutely astonished at what occurred in the stock market in the 2007 and 2008 time frame - following the suspension of the "uptick rule." Watching perfectly viable companies virtually destroyed by rapid fire shorting of their stocks. I know I'm telling the reader of this absolutely nothing they don't already know. However, watching the virtual destruction of both mine and everyone else's I know savings by hedge funds run 'amuk' was appauling to say the least and bordering on criminal to the extreme.
For those of us who support an honestly run, capitalistic market system, please, as a minimum, restore the "uptick rule" and, more reasonably, beef it up to allow fair valuations to rule the market rather than the greed of the few but 'mighty."