May 5, 2009
I HAVE BEEN AN INVESTOR FOR OVER 50 YEARS AND HAVE SAVED ALL MY WEALTH IN MY IRAS AND THE STOCK MARKET. I GAVE 500,000 OF MY SAVINGS TO A BROKER WHO INVESTED IT IN ELAN STOCK. ON A FRIDAY IT WAS WORTH 500,000 AND ON MONDAY, IT WAS WORTHLESS BECAUSE OF NAKED SHORT SELLING. THE BALANCE OF MY PORTFOLIO IN SECURITIES WAS LOST BECAUSE OF THE MARKET LOSSES AND CAN BE DIRECTLY TIED TO THE REMOVAL OF THE UPTICK RULE. YOU SHOULD REINSTATE THE UPTICK RULE WHICH HAS WORKED FOR 70 YEARS AND IGNORE THE GREEDY, SELFISH PEOPLE WHO ARE FAVORING THE REMOVAL. SO FAR I HAVE LOST OVER 2 MILLION AND AT 67 YEARS OLD DO NOT HAVE ENOUGH TIME TO MAKE IT BACK. THE PRIOR HEAD OF THE SEC HAD NO KNOWLEDGE OF THE SEC AND WAS JUST A POLITICAL APPOINTEE AND DID NOT KNOW WHAT HE WAS DOING.