May 18, 2009
It is essential that the uptick rule be reinstated. The targeted meltdown of the financial stocks and the eventual bankruptcy of Lehman and near bankruptcy of Merrill Lynch, Bear Stearns, Wachovia, Citigroup, Bank of America and Morgan Stanley all point to manipulation on a grand scale. Despite denials by hedge funds and institutions of any manipulation, it is clear that financial institutions were targets for manipulation. An SEC mistake beyond suspending the utick rule was the allowance of "naked shorting" by institutions. The uptick should be for at least $.10 cents. Our financial system was fixed in the 1930's with the uptick rule and it was close to being destroyed when the uptick rule was suspended in 2007.