June 2, 2009
June 2nd, 2009
I strongly favor reinstating the uptick rule. The uptick rule had a favorable effect on controlling market volatility for many years before the previous SEC administration decided to toy with something they oughtn't have disturbed.
I'm in favor of applying a market wide, rather than a security specific, approach but I'd also encourage the SEC to investigate other means of aggressively countering the notorious practices pursued by certain hedge funds to target certain issues and attempt to drive their share prices into oblivion in hopes of achieving a short-term profit. I believe there has been widespread collusion among some institutional market participants to achieve this end, and the individual American investor has been the primary victim of this collusion. I believe it would have a beneficial effect if the identities of institutions and individuals who engaged in such practices were openly published, so that public pressure could be brought to bear upon these miscreants.
Thank you for considering my opinion, and thank you for your willingness to undertake this badly needed corrective action.