February 25, 2009
To Whom it May Concern,
I have been hearing a lot of stories regarding the possible change of the "down tick" rule as it pertains to shorting stock.
Is there any current legislation scheduled to try and re-implement the "up tick" rule and stop the practice of shorting stock on a "down tick"?
I have tried to contact you a few times about this and I have heard nothing back from you.
Also, does the SEC see another moratorium on the practice of "naked shorting" stocks - especially financial stocks. I am sure you cane see the need for protecting stocks with any exposure to our financial system. One stock in particular is General Electric which has a tremendous financial division and has been nearly destroyed by the practice of naked shorting and shorting on a down tick. Many millions of people who own General Electric stock have been financially ruined by these practices.
I am sure you can see it yourself.
I would appreciate a response on this matter.
I have been very patient with your organization and the lack of response.
Peter J Scarpa Jr