May 11, 2009
I strongly urge the Commission to re-instate the uptick rule, and to prohibit "naked" short-selling. I believe that the absence of these rules contributed greatly to the cataclysmic sell-off in the markets in the last year, and invites predatory trading.
For the over 30 years I've been managing money these rules were considered basic principles for prudent market regulation, and their absence showed what can happen when they are not present. How can we expect small individual investors to have any confidence in the markets when large entities can trade without this type of restraint? The re-instatement of these rules is long overdue.