May 27, 2009
Dear SEC commissioners;
As a 45 year market professional I suggest that you immediately reinstitute the uptick rule.
If their was ever any doubt about its efficacy, one need only review how stocks were bullied down during the recent market decline, and how much financial damage was done by shorts piling on stocks and pushing them down to absurdly low levels.
The effect was to cost the nation its reputation, and the taxpayers hundreds of billions of dollars.
I know the short selling lobby pays big money to politicians.
However the SEC should show courage and do the correct thing for the nation, and for small companies trying to finance through the capital markets.