May 12, 2009
Dear, Mary L. Schapiro,
Chairman Securities and Exchange Commission
The SEC needs to reinstate the 1938 uptick rule as soon as possible. It should be modified that a stock price must increase by a minimum of .05 before the stock can be shorted. The shares must be borrowed and not naked shares. Naked shorting must be prosecuted, instead of allowing the at will naked shorting that is occurring daily.
The wealth destruction that the United States has loss due to the coordinated short bear raids by unregulated hedge funds is a crime of high treason in my view. This past year the United States experience financial terrorism of several trillions of loss dollars in our markets, and individual's wealth. I blame this squarely on the SEC and CFTC. I hope the country and government that I love can find the moral fortitude to do what is right for the American people. The SEC should not take the banks, exchanges, hedge funds, and dark pools recommendations to leave the current failed system in place.
You know what is right. Now make it happen