May 4, 2009
Dear Chairman Shapiro:
I am someone who has spent the past 36 years of my life working and saving and investing in the hope that I would have enough to maintain my current standard of life after retirement. I really had a fairly nice retirement fund built up during that time. However, in the past 2 short years, due to the greed and actions of a few unethical individuals and institutions, I have watched that all but evaporate. I am now wondering if I will ever be able to retire, given the state of my nest egg and our severely crippled economy.
Removing the original uptick rule has had a ruinous effect on our markets and the small investor. I have always had nothing but high regard for the SEC and their vigilance, competency and due diligence. I am seriously having doubts of that stance.
Between the decision to remove the uptick rule that had stood in place for nearly 70 years and served us well, small and institutional investors alike, and the "thorough" oversight and blessing of operations like Bernie Madoff's for one, it's time the SEC "got it right".
Rather than the proposed Modified Uptick rule, I would rather urge you to restore the original Uptick Rule which would basically restore SEC Rule 10a-1, one which worked very well for so long.
I believe that both the Modified rule and the other alternative rules being considered with "circuit breakers" would soon be compromised through workarounds, loopholes and long term manipulation by those who have so severely crippled investors and companies alike with their greed-driven, unbridled short selling and raiding.
Come on Madam Chaiman, my fellow Americans, investors, and I are trusting that you will get it right this time.
Sincerely,
Ted Russell
Individual Investor
and pre-retiree for an extra 10 years