February 1, 2009
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.
In addition, naked short selling or short selling common stocks should be illegal in my opinion. Either you want to own shares in a company or you don't. Why bet against a company's shares if you do not like the company Just don't buy the stock.
Drastic measures are required for drastic times.