May 8, 2009
Please reinstate the uptick rule so in the future Companies that are having a short bad stretch have a fighting chance.
My wife works at National City Bank and because of the short sellers constantly beating the stock down she now works for PNC. Many jobs were lost in the merger including some Coworkers that will have a very tough time find another job in this economic climate.
National City had many problems and would have eventually been taken over, but at least the employees would have gotten a better deal on the stock conversion if National City stock was not so beaten down.
The conversion price of the stock for the shareholders and employees of National City was horrible The stock was so beaten down by relentless short selling that the bonuses of stock that my wife won over the years were almost worthless in the conversion.
Real people get hurt by unrestrained short selling, not just speculative investors. These are real people that will have to work more years to retire now
Please protect individuals who get can get their life savings destroyed by the short term greed of day traders.