March 7, 2009
I am writing this message for the SEC to reconsider changing the uptick rule and the ability for short sellers to borrow securities. The law was changed back in 2007 and should be immediately reinstated. The change had caused great harm to the stock market allowing hedge funds to run rampant destroying many good companies. The uptick rule was put in place back in the 30's to prevent short sellers from pushing the price of securites down.I spent over 30 years in the brokerage business as a stock broker and also a compliance manager and these rules protected investors. The biggest problem is that the short seller doesn't even have to borrow the stock anymore. The ability to borrow was a save guard to insure an orderly market. Again, please reinstate these rules back on the books to prevent a further manipulation of the stock market. Thank You-Paul Kent