May 4, 2009
I have been trading equities for the last 15 years and I never felt that the market was rigged until 2007 when the protection of the Up-Tick-Rule was removed. Over the last year and a half, I have seen a tremendous amount of stock manipulation in my portfolio of financials, as hedge funds would take large positions in the SKF and put options, then leak bad news to the press through multiple sources and finally they necked-shorted the stocks into oblivion.
Restore the old Up-Tick-Rule and you will restore the regular investors confidence in America.
Thank you,
Steven Young