September 29, 2009
I strongly encourage you to do what is best to create a balance market for both the wealthy and the average investor. Please reinstate the uptick rule quickly. You are currently seeking comments for a modification of this uptick rule. I do not believe that you have provided sufficient details to describe this modification that you are proposing. Whatever the form of the uptick rule you reinstate, it must have these attributes:
1. Must have an uptick component to allow institutions and individuals to short a stock.
2. Must prohibit naked short selling with extremely heavy penalties for those who do.
3. Short selling must demonstrate stock delivery within 24 hours, or at the close or opening of the market.
4. Outlaw ultra-short ETFs as the SEC should not be supporting a one-sided, blind, irrational marketing strategy.
I hope that I do not have to remind you of the calamities that have occurred over the last 12 months? It is the responsibility of the SEC to stabilize and preserve our economic markets. To ignore the recent history is to have it repeated. This time, it may bring this country past the point of no return and financial ruin. Please bring back the uptick rule now. Level the playing field for all Americans. Thank you.