May 4, 2009
Dear SEC,
The original uptick rule which was in place before 2007 served investors well. Obviously naked shorting is destructive and should be curtailed.How can it be allowed to sell something that doesn't exist?
In September and October when the market could move down 500 points in a day it was not joe blow with his 200 shares causing this. It was large concerted raids that used
barely legal techniques prompting these huge moves,just as program trading did 1n 1986.
I believe short selling is a legitimate tactic and should be allowed when done within the rules but to permit
powerful interests to do whatever they can get away with is insane.
Thank You,
Mark Jacoff