August 14, 2009
Commenters for reinstating the uptick rule - you guys have spent so much time, thoughts voiced passionately on the topic but Mary Schapiro is not going to reinstate the rule. Short seller lobby has been and is a powerful lobby - admit it. They have their cronies everywhere and they are effective. We may have 3000 comments here for reinstating the uptick rule and that is easily offset by 5 short seller lobbyists. They know how to nudge SEC into first delaying reinstatement by creating doubts, appeal to the sense of fairness, force SEC into a time consuming pilot study, and then invite comments on that study, pick holes on that new study and force gullible SEC into another study by which time Mary Schapiro's time as chairwoman is up and the short seller lobbyists start all over again on the new chairman.
When a popular outcry for reinstatement of the uptick rule, since the time Christopher Cox removed it, by investors, general public, lawmakers etc. is thwarted by a small group of hedge fund shorts we have to admit they know what they are doing. They are organised and effective
My personal opinion Mary Schapiro is not convinced that there is a need for reinstatement otherwise she would have been passionate on the topic since the day she assumed office as chairwoman.
Obama should have appointed a lay man as chairperson, with no knowledge of how wall street works and only that person will listen to commoners like us and hedge fund short lobbyists will have no influence on that person.