February 2, 2009
Dear Chairman Mary Schapiro,
I request that you do two things that will reintroduce both strength and integrity into our financial system:
1. Enforce existing short selling rules, so that naked short sellers are punished. No one should be allowed to sell stock they dot own for the express purpose of destroying other people’t wealth at their own gain. And the rules should be applied to all stocks, not just financial equities.
2. Reintroduce the uptick rule. Again, true short sellers were OK with the uptick rule. It was only greedy financial entities that wanted it withdrawn for their own personal gain. I hope that you and the rest of Obama Administration can begin to piece back together our tattered financial system.