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 Canadian and their savings.
Also the practice of naked short selling is a criminal activity and its perpetrators should be prosecuted accordingly.
Please reinstate the uptick rule before it is too late, and start doing your job with respect to policing and punishing naked short sellers.
CIGA Glen Gangnes