May 10, 2009
Dear Sir or Madam:
Please re-instate a strong uptick rule, modified appropriately for current market stability. Please construct a rule which goes beyond the Chris Cox cancelled rule such that it will solidly prevent large numbers of shorts from driving down a stock price in a never-ending spiral.
Additionally, please launch an investigation of Chris Cox to fix responsibility and liability on the previous administration person(s) responsible for this market crash. The SEC should have reinstated an updated version of this rule months ago. Why are uptick rule options under a 60 day review? Action should have been taken long ago under the current SEC administration.
Additionally, Rep. Gary Ackerman D-NY has introduced a bill, HR 302 IH, to force the enactment of an uptick rule. This legislation has surfaced only because of the SEC failure to act. We should hold our current SEC chairperson, and those persons involved in failure to act to implement an uptick rule, criminally liable for all of the losses incurred by the American people. I hope this legislation is modified to provide for felony conviction of those failing their responsibilities to protect the American financial institutions and the American public, as it is these persons liable for todays depressed economy.
Jack G Levy Jr