May 29, 2009
Please reinstate the uptick rule to protect the American people from the type of financial terrorism that almost brought this country, and the world, to its knees. Rabid short sellers were given the green light by the Cox SEC to go on a search and destroy mission of the American financial system. By doing so, the Cox SEC sanctioned financial terrorism tantamont to placing car bombs in front of banks and peoples'homes.
Why was it allowed? Unqualified greed. The professionals at the SEC gave advantages to the hedge funds, trading desks, and market makers that made it possible for them to get rich by destroying the US stock market and the economy. The people with the most money to spread around to those in positions to make decisions got their way, and the rest of us got wiped out. Lives, families, businesses were destroyed for the enrichment of the short sellers of America, or maybe Iran, or China, etc.
Please wake up. Bring back the uptick rule and put naked short sellers in jail. If the SEC caves to the pressures and threats of the short sellers, round two of the fleecing of America will be sure to follow.
Clarence A. Haynes, Jr.