August 18, 2009
Dear Chairman Shapiro,
Subject: In support of the "above bid short selling rule."
I understand that you are still soliciting commentary on the matter of the Uptick Rule (above bid rule) and short selling. Illegal short selling persists .
Legitimate short selling is fine - but naked short selling via Canada and other non-US sites persists, despite the fact it is considered illegal. (Why isn't this enforced?)
The frequency trading, front running, quasi-derivatives, insider trading and naked short selling make a mockery of our markets. They make Mr. Madoff look like a Saint. Everyone knows it. Who will be left to trade at the end of this?
I realize it takes time to craft responses to the issues confronting your organization but please hurry, time is not on our side. Future generations will pay the consequences of our inaction.
Thank you for listening,