May 5, 2009
Dear Ms. Shapiro:
I am writing in the hope that you will PLEASE reinstate the uptick rule as it was for at least the last 70 yrs. In addition it is my hope that NO naked short selling will be allowed at any time either.
I am not an expert on investing, but common sense tells me that there is no way the small investor can possibly feel comfortable investing in a stock market which is so incredibly weighted towards hedge funds and unscrupulous bankers. These huge money machines don't even have to own a stock to drive it down; and they don't even have to sit on the board of these companies to destroy them. This is a violation of the public trust by the SEC if it is allowed to continue.
While reviewing the decision to reinstate the Uptick Rule, please keep in mind that most of "middle-class" investors have our retirement money/accounts (what is left of them) invested in the stock market in one form or another. Short of buying Treasuries or burying our money in the backyard - there are very few options open to us as we plan for our old age.
Our investment/retirement "vehicle" has been attacked from every angle over the past several years. The uptick rule should be "stress" tested against the past l2-15 yrs and NOT just against 2005-2007. That would be absolutely ridiculous and certainly not a test whose criteria and data reflects the near criminal behaviours and results we are currently seeing in our accounts. Nor would "reviewing" just those 2 years produce the information you would need to see just how fair and responsible the uptick rule kept those would still like to abuse the system and destroy american companies and stock portfolios in the pursuit of profits at any cost.
Thank you for your consideration,