February 17, 2009
I would like to urge the SEC to repeal Reg SHO and undo the policies of Chris Cox that allowed rampant naked short selling and manipulation in the markets. I don't believe every company in this country has gone bankrupt, like the short sellers want us to believe. Shorts should be allowed to exist, but it needs to be even handed.
I would like to urge:
Reinstatement of the uptick rule (a nickel uptick if possible to mimic 8ths), ban of short selling of stocks down more than 5% in a day, enforcement of margin against those selling naked calls, investigation of collusion from hedge funds and prime brokers, and weakening of mark to market rules that are bankrupting our banks.
These measures will cost taxpayers nothing and will allow our retirement accounts to recover a bit tapping into the trillions of dollars that short sellers are sitting on.