May 8, 2009
I am for a Market-Wide, Permanent Approach to the reinstatement of the UPTICK Rule. A market-wide short sale price test based on the national best bid is necessary. I have written several times on this topic and it appears that the large forces within the shadow financial world are winning this battle. This is not acceptable.
I am dismayed at the lack of attention this issue is being given and the investigations that should occur to people who manipulated us 401K investors out of our money.
The big story here is that for those of us who lost our money, there was some hedge fund manager making a killing off shorting and naked shorting my long term investments.
The fear spreading and rumor-mongering is so easy to accomplish these days and to have watched the fastest and quickest downfall in my lifetime was breathtaking. To watch the fabricated panic was astounding. The people who enriched themselves by selling the markets short in a downturn should never be allowed to perpetrate this again. The rule must be permanent and far reaching.
The failure of the SEC to regulate the markets is criminal enough, but to wait and wait until after a major market crash to ask whether we should reinstate regulatory controls is also a big failure in my eyes.
The SEC's responsibility is to represent all investors. Your failure to reinstitute the UPTICK Rule proves that you are heavily lobbied by the biggest players. Why isn't the field level for those of us who contribute up to 10% of our paychecks? I say it is time to bring the cockroaches out into the light and bring back the UPTICK RULE. Please.