May 14, 2010
The SEC needs to stop wasting time with all these useless proposals to gather meaningless data while watching the markets deterioriate. Former chairman Christopher Cox stood by and did absolutely nothing while the markets collapsed soon after he unintelligently removed the SHORT-UPTICK rule.
Registering large traders, hedge funds, or implementing 20% decline "circuit-breakers" while cancelling trades only after 60% is never going to bring market stability or confidence.
Retail investors have completely lost confidence in the integrity of Wallstreet and the competence of the SEC.
Re-instate the ORIGINAL "short-uptick" rule NOW...before the next market crash. SEC chairperson Mary Shapiro has failed her responsibilities and she will be held accountable for her refusal to re-instate the short-uptick rule that Chris Cox should never have removed.
Re-instate the ORIGINAL "short-uptick" rule NOW