February 17, 2009
It is imperative the the Up-tick rule be reinstalled in the equity trading markets. The manipulation that occurs daily is beyond belief. Short sellers have almost obliterated the financial markets by undermining the capital of financial institutions and public companies alike. Mr. Kennedy understood the importance of this rule after the financial chaos of the Great Depression. And every trader knows that you can sell all day into fear. Millions of dollars have been taken from hard working American's retirement accounts through this mechanism. By allowing unregulated Hedge Funds to dump huge numbers of shares on the bid at any sign of rumor ( often created by their own manipulation of the current unregulated media), we have in fact given control of our markets over to those that operate on the edge of legality and worse.