February 1, 2009
I know this is a pre written statement. But I feel very strongly about it. I had Hecla and it went from 15 to 1 with almost 35% of float shorted. Many of these we believe could also be naked shorts. I believe we also need a rule that each brokerage house guarantee that stock has been borrowed in order to make the short. Ron Brockway Medina Ohio Dear Chairman Mary Schapiro,
One of the biggest errors in judgment of the last Administration was the withdrawal of the uptick rule. It has led to unnecessary ravages in the financial markets. Sound stocks have been damaged. Pension Funds, personal savings and much more have been decimated. The question is to whose gain? It is time to create rules to protect the average American and their savings.
Please reinstate the uptick rule before it is too late.