September 11, 2009
Changes to Reg SHO:
It is one thing to allow legitimate short selling in order to protect/hedge ones positions in various markets. It is quite another to use short selling (naked short selling in particular) as a speculative tool to steal from other market participants. The uptick rule, when present, was not a perfect yet it was an integral part of maintaining some integrity in the markets. Integrity in markets is a hard thing to come by these days due to the incredible liquidity sloshing around the world.
Your responsibility first and foremost is to the people of this nation. Free and fair markets dictate the economic environment which we the people live. Allowing hedge fund and large bank speculation at the expense of the people will eventually destroy the markets, leaving them unavailable for anyone, including the speculators.
Please do your duty. Reinstating the uptick rule is but a first step in reclaiming the markets from the hot money speculators and large banks. But it is a good first step.