September 17, 2008
Chairman Cox,
Can you please consider re-instating the uptick rule for shorting stocks? The removal of this rule has allowed short sellers to pummel stocks over the past year.
Could you also please do a better job of taking care of the "naked short sellers"? It is action we need and we need immediately.
These moves seem so obvious to all of us in the investment community, but you continue to do nothing. With the credit markets in turmoil and major companies failing daily, the FED and the Treasury are doing all they can to help, but the SEC sits idly and watches without action. You changed these rules recently and it is time to admit it was a mistake.
Thank You,
Toby Sarahan, AAMS
Financial Advisor
Wachovia Securities