May 8, 2009
Dear SEC Folks,
I ask that you restore the Uptick rule.
A fair market is a requirement for stability. To allow naked short covering creates an unfair advantage for speculation. While my written thoughts may seem simplistic, the comments offered by Jim Cramer fully express all the reasons for consideration.
The uptick rule worked for 70 plus years. Removal created a situation best described by reviews of the 1929 crisis. Perhaps one could learn without recreating the wheel again. As a minimum, assigning short selling to actual shares of stocks hedged, would allow for factual accountabilities.
Thank you for your consideration.