February 12, 2009
Dear Chairman Shapiro:
On behalf of my clients whose accounts have been depleted by unencumbered short-selling since the deregulation of the market back in July 2007, I respectfully ask you to please reinstate the Uptick Rule. This measure alone will prevent the continuous short-selling of good companies into the ground by hedge fund operators who thereby profit from it at the expense of the public and suppress market performance.
Reinstating the Uptick Rule would very likely cause a rapid return to market stability and a broad-based increase in share prices. Also, it could possibly prevent future bailouts of financial institutions. Sadly, it could have possibly prevented such bailout measures in the past. This rule had been in place for over eighty years, and it was no coincidence that the volatility of the markets expanded markedly as soon as it was removed by former Chairman Cox. The entire economy has suffered as a result ever since, and it is apparent that just by reinstating this much needed rule, that the nation could be well on it's way to recovery.
Thank you for your consideration in this matter,
Janice Barlow, ChFC, CLU
Senior Vice President, Investments
Branch 32E Raymond James & Assoc.