May 29, 2009
The uptick rule worked for about 38 years as it was designed to work. When Chris Cox abolished it, I failed to see the advantage to the millions of small investors. We know that it was a huge advantage for large institutions that could drive companies to the brink of destruction, and more. I've never heard a good argument for the removeal of the rule, other the the potential loss of huge profits for hedge funds and exchanges. We need to restore confidence in the market for the small investors that want to buy and hold. We have evidence that without the rule, the huge and greedy, can, and have, destroyed many old blue chip companies.