February 17, 2009
To the SEC, Trading & Markets Div:
I and a few million other Americans cannot understand why you have not reimposed the uptick rule to prevent destructive short selling. You are, in effect, still allowing large market players (principally hedge funds) to destroy the retirement savings of ordinary citizens by driving down securities prices without restraint.
It is nothing but your pure dumb luck that the SEC has so far flown under the radar and avoided the growing fury of your fellow citizens at this kind of manipulation. Do not count on that luck lasting long.
I will increasingly press the Congress to push on this point.
Dr. Lewis Jacobson
Professor of Biological Sciences
Univ. of Pittsburgh