May 5, 2009
It is ludicrous that Investment Companies would have us believe that restricting short selling using the “uptick” rule would problematic or time-consuming to implement. They only did away with the rule in 2007 under the Bush Admin and they didn’t cry about how much that would cost or how long it would take to implement that change.
They were standing by waiting to swoop in and bet against a company, no matter the consequences.
We need to stop short selling if we are to once again trust that the market is not a sham!