April 3, 2009
I am an individual investor and wish to comment on the uptick rule. Although it is in the charter of the SEC to protect the public and the markets, I feel that we, the individual investors have has been thrown to the wolves specifically by actions and inactions taken by your institution. I take note that you support the recommendation submitted and favored by several stock exchanges. Let me be clear, the uptick rule should be reinstated with a change allowing the SEC to increase the amount of the uptick to compensate for decimalization. I do not wish the antagonize the SEC, but it is clear from your apologetic postition on this issue that your agenda is aimed at salvaging the incredible profitability for hedge funds and of course the various stock exchanges that have come forward to protect their etitlement. We have passed through a long and shameful period fraudulent practices, which have combined to destroy the wealth and dreams of individual investors. It should have been obvious that the forces of POWER & WEALTH would try to protect their entitlement to a legalized edge when they enter our markets. Ms Shapiro, if you weren't willing to stand up to these people, you should not have taken the job. It is time to right the wrongs of may years of shame. The uptrick rule should be reinstated. The multiple short ETF's should disapear from the markets since these are an obvious end-run allowing excessive leverage.
Please do the right thing here by reinstatement the real uptick-rule not some spin nonsense submitted by the industry.
Thanks and regards
John Dale