March 10, 2009
Dear Ms. Schapiro,
My husband and I are both retired, and all our retirement funds are in the financial market. We have suffered enormous losses since last year, and are very worried about our future at this point. We have always lived responsibly, carry no debt except for our mortgage, and have never been bankrupt. Despite our efforts, it appears we are powerless to take actions that would help us recover from these incredible losses. We have already cut costs to the bone and reduced our draw from our retirement funds.
Recently the manager of one of our funds told us about theUptick Rul for governing short sales that was rescinded last year. In his opinion (and, it appears, the opinion of many others), the reinstatement of this rule is critical to stop the hemorrhaging in the market. I am writing to urge the SEC to take a close look at this issue and determine whether reinstatement might help stave off further losses and begin the healing process.
Thank you for your efforts.
Sandra and Mark Bovee
cc: Senators Harry Reid and John Ensign