August 18, 2009
TO SEC CHAIRMAN MARY SCHAPIRO
FROM: BILL DREWIEN
SUBJECT: UPTICK RULE AND AND LACK OF ENFORCEMENT ON NAKED SHORT SELLING
DEAR MS. SCHAPIRO
I'M A SMALL INVESTOR WHO IS APPALLED BY THE LACK OF OVER SITE BY THE SEC ON NAKED SHORT SELLING BY ROGUE TRADERS. THIS PRACTICE MUST BE STOPPED IF YOU WANT TO RESTORE CONFIDENCE IN THE INVESTING COMMUNITY. I URGE YOU TO SUPPORT AND REINSTATE THE UPTICK RULE TO PROTECT INVESTORS AND LEVEL THE PLAYING FIELD. LEGAL SHORT SELLING IS FINE, BUT THE ILLEGAL NAKED SHORTS ARE NOT, AS IT IS DESTROYING SMALL COMPANIES ALONG WITH SMALL INVESTORS.
PLEASE REINSTATE SANITY BACK INTO THE MARKET PLACE AND DO NOT ALLOW THE CROOKS ON WALL STREET A FREE PAST TO FLEECE THE SHEEPLE.
I URGE YOU TO SUPPORT THE UPTICK RULE USED IN THE PAST WITH OUT MODIFICATION OR LOOP HOLES.
SINCERELY,
BILL DREWIEN