June 1, 2009
To Mary Shapiro and the Commission:
I am writing to request a change in the rules of short selling, to return them to the old rules set up after the great Crash and Depression. This particularly refers to the uptick rule, which worked well and fairly for decades, until the recent mortgage downturn, and stocks and banks followed down in a spiral. The shorters, very smart and greedy, dived in like tigers, picking on one institution at a time until it fell helpless. Some of the experts that caused the Big Crash, knew what happened, and created the rules that would prevent it from happening again. Well, the SEC got modernized and kicked those old rules out. Please, PUT THEM BACK IN. I am not a large investor, but my retirement money went down 50%. Now I have to think about taking my money out and finding a more secure place. I naively thought the SEC was watching over the market, and keeping it fair and honest. Now I believe the advantage has shifted over to the SMART big guys, and they can bring down icons. I'm over 70. Think of me when you make the rules.