July 16, 2008
The SEC in my opinion made a grave error in eliminating the uptick rule for trading stocks. What was the reason this safety measure was eliminated and why have hedge fund investors been able to run rampant with this and “naked” short selling? A lot of American families are at risk of losing everything because of removing this important safeguard. The market has been very volatile since removal of the rule and now we have a real mess on our hands with nothing to protect any institution or company that billionaires and hedge fund operators want to drive out of business. How quickly will violators be fingered and brought to justice? What will penalties be? I hope more people are contacting the SEC to express concern.
Janet Kervin