May 6, 2009
Dear Madam Chairwoman Schapiro:
I am so concerned that the SEC will NOT take action to reinstate the Uptick rule and adopt rules that will end the abuses of "Naked" short sellers and ETF's. If you were to watch the market daily, as I do, you can easily see the damage such actions bring upon small investors such as me. Why deleat the Uptick rule? It worked for over 70 years. Only those who would see a way to abuse the system for thier own financial gain at the detriment of all others would be in favor of such action. Please use your common sense, as you have done throughout your political life, and lead the SEC Board to reinstate the Uptick rule and establish rules that limit the actions of short sellers and abolish "naked" short selling altogether.
Rules to limit ETF's from getting around these rules will also have to be addressed.