October 27, 2008
Dear Folks:
I sent the below to the S.E.C., a while ago. I am now bankrupt. I have had stocks sell 10%-20% EVERY day for days and days. This would not happen with some reasonable rules in place. I can not even get out of a stock before it has dropped 20% on the open. These are REAL companies.
I WARNED the SEC, but you still choose to help the wrong people take investor's money.
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Please, please re-establish the up-tick rule.
Removing the up-tick rule has introduced unnecessary volatility to the market.
Watch stocks drop 20-25-35 percent in ONE day. That is insane. It will bankrupt bulls like me and it will drive REAL retail investors out of the market, FOREVER.
These heavy short players don't realize that they are cutting off their noises to spite their greedy faces.
Please bring some stability back to the equities market for INVESTORS, and stop favoring big money short sale traders.
Sincerely,
Scotland Settle in Santa Cruz, California