August 24, 2009
As an active investor I am tired of seeing our markets devastated by naked short sellers, however their apologists try to describe them. Restoring the uptick rule is a necessary first step to restoring some semblance of order to our markets.
I would appreciate it if the SEC would finally do its job and enforce existing laws, and restore the status quo, including the uptick rule, that worked for sixty years. When you sell a stock you need to deliver it to the buyer, period. For decades it was illegal to do anything else. Try selling a car, or house, or anything else, and not delivering it. An ongoing fail to deliver in any other industry would be called by its right name...theft. Why does the brokerage industry,... any part of it, get to do otherwise? Real companies are getting trashed because nothing currently deters naked short sellers. What part doesn't the SEC get?
Time is running out. Either we restore integrity, and consequently confidence, to our financial markets, or we watch them collapse. I presume you would prefer the former. It is time to restore the uptick rule, and to ban naked short sales.
Please do your job.