September 10, 2009
We definitely need reinstatement of a meaningful short selling rule. However, this rule should require a stock close at least .10 above the last trade. This is more likely to help achieve the goal or preventing improper stock price manipulation and bear raids and will not unduly restrict legitimate short sales in the era of decimalization. Such a rule reinstatement is long overdue. Also, I hope we will see more prosecutions (with actual prison time) for the illegal naked short sales that were so rampantly practiced in the late 2008 and early 2009 market.