May 18, 2009
We have to reinstate a meaningful uptick rule. The market is currently favorable to the short side by the lack of an uptick rule, the non-enforcement of prohibitions on naked short-selling, and double short ETFS. In my opinion, the SEC bears some of the responsibility for the unusually large market decline due to its failures in the above areas. The SEC's actions on the uptick rule will speak very loudly in regard to whether it is the lapdog of the Hedge Funds or whether it can remain independent enough to do what is right for all investors and for the country.