September 17, 2009
Dear Chairman Schapiro,
I would like to have my voice heard concerning the issue of Naked Short Selling. I am for the reinstating of the so-called up tick rule that used to govern short selling of stocks. The reason I am for this rule is that without the enforcement of such a rule, savvy traders will be able to continue to raid stocks. This is not fair to those of us who purchase sound companies expecting their fundamentals to drive the prices of their shares, and who cannot spend every minute of every trading day actively fighting these naked short sellers who have expensive computer logarithmic functions to time their sales.
Chairman Schapiro, among other good things, the SEC is supposed to exercise its muscle to insure a level playing field for investors. Otherwise, the equity markets become a casino. Maam, I am not a gambler. I thought I was an investor. Will you please take up for me and others who have thought the same way by reinstating the so called up tick rule.