August 18, 2009
Dear Chairman Shapiro,
Subject: In support of the alternative uptick rule allowing short selling only at an increment above the national best bid.
The general markets and financial institutions that collapsed in March due to organized hedge fund short raids are still on very precarious ground. Many smaller stocks have never recovered, despite a solid future ahead of them.
Illegal naked short selling persists and investors are being unduly punished for the benefit of "rogue traders" under the pretext of maintaining liquidity. Legitimate short sales serve a legitimate purpose and I have no problem with them.
It is time to take action. Integrity needs to be put back into our financial markets to keep investors, pensioners and businesses from being robbed of their investments. Investors are aware that much of their savings in the form of stock has disappeared due to unlawful and unethical practices. Can the stock market survive if it is not stopped?
My family is presently dealing with the consequences of inaction by the SEC. Help us and our children. Implement the alternative uptick rule allowing short selling only at an increment above the national best bid. Please delay no longer.