July 24, 2008
Stop the failures by enforcing the rules for all equities. Delay in enforcement only makes the fails greater.
Reinstate the uptick rule with a meaningful 5 or 10 cent increment.
Eliminate the OMM exemption.
Investigate the ex-clearing fails.
The SEC alone is responsible for the state of affairs the financial market is in. The lack of enforcement and the loopholes of "locating" vs borrowing, the OMM exemption, and the rescission of the uptick rule led to this mess.
The taxpayer has to backstop the bleeding when a regulated market would have allowed companies to access capital in the market as it should.. Don't listen to industry. They are short-term profiteers and don't care about the future of this country as long as they have amassed a fortune manipulating the market. You listened to them and look where it got you. Emergency edicts and backpeddling. Pathetic.