May 5, 2009
Please restore the original up-tick rule instead of some watered-down version. The failure to have this up-tick rule in place since 2007, has cost individual investors (those the SEC are supposed to protect) millions, not to mention costing the taxpayers billions in TARP bailout money... which was also caused by the unlimited and unchecked short selling of the ultra short Financial ETF, Ultra Short Pro Shares Financial (SKF).
Since when is naked short selling allowable? You need to curb all the abuses in short selling, naked short selling, and Ultra short ETF products, which serve ABSOLUTELY no purpose other than to drive prices down and evade the Federal margin requirements, Reg. T (I think).
It is time for the SEC to admit and fix it's past mistakes and the #1 priority should be the strongest possible response to the abuses of short selling, naked shorts and the ETF's that avoid federal margin rules.
Robert A. Greene