March 9, 2009
Dear Governors,
In this time of high volatility, and predator trading it seems you would want to lessen the manipulation and encourage investment. Such is NOT the case, when cascading short selling, loss in NAV values, Corporate P&L’s, and subsequent sell offs driving away buyers. Nothing has soured me more, about investing my money than the daily rollercoaster ride I have had since July 2007, when you de-regulated based on the testing done in 2003 (a period of time lacking volatility we now experience). May I point out the Solomon Bros. Inc. violation and market crash in 1987. Or, perhaps, the 3000+ investor letters received by Commissioner Paul Atkins, when floating the reform of these rules in 1999.
To me, the "Up Tick test" is a means to stabilize the float and selling of securities. It was dreamt up by those who knew it was necessary in the 30’s crash, and it most certainly couldn’t hurt to try it again now, we will know soon enough if the market shows it can stabilize.
J. Mauri Cox