September 29, 2009
I believe the removal of the uptick rule and the permission of naked shortselling greatly exacerbated the precipitous downward spiraling of stock values last year. The large investment banks(e.g. Goldman-Saks) and the hedge funds would have us believe each of these rules had little impact, but when they were brought back on for a limited time, the stock retreat was more orderly and less frenetic.
I urge the SEC to reinstall thses rules and others to protect the individual investor in the market. We need some confidence in investing that the financial giants will not have too much of an advantage in the market.
Thank you for your consideration.