November 13, 2008
The rules as proposed are too vague. In order to quell the indiscriminate and destructive short selling that is destroying companies by reducing their capital value to levels that prohibit the companies from filing bankruptcy or needing to be bailed out, the S.E.C. needs to reinstate the “uptick” rule that the S.E.C. abandoned. Merely establishing reporting techniques to reduce naked short selling are a joke because traders and speculators know how to manipulate the system to get around that kind of simplistic and unenforceable rule. If the S.E.C. Chairman will simply review the history when Franklin Delano Roosevelt enlisted Joseph Kennedy to head up this newly created organization in 1934, Kennedy was picked because he was considered one of the greatest stock manipulators at that time and Roosevelt wanted someone who knew how to manipulate the markets because he, Kennedy, would know what to do to stop or eliminate the problems. One the first and most effective rules he put in immediately was the “uptick” rule. If the S.E.C. is really serious in wanting to stabilize the markets, reinstating and enforcing the “uptick” rule regarding short selling is an absolute must!!!!!!!!!!!