May 4, 2009
sec members: the rule was good for 70 years. ordinary folks thought if they invested monies in the market, someday they would reap a benefit for their retirement. isnt it coincidental, that right at the time the uptick rule was abolished, the sharp spiral downturn started. i think it contributed to the crash in a big way. i, and almost everyone i know, lost 50% or more of their retirement nest egg. many who are around 70 years old are now facing greatly reduced assets. some need to continue working. its pathetic. the rule changes of the last several years were all geared to feed the greed of the worse segments of the investment community. ordinary investors will be very wary of getting back in something they do not have confidence in. we all are hoping that you have the courage to stand up and protect the average investor, instead of appearing to serve and rubber stamp the wishes of the manipulators and short sellers as your predecessor, cox, did. how can the market ever be viewed as an honest, legitimate way of investing when a large segment of the professionals are betting on the failure of companies? thank you