October 6, 2009
Dear Director Schapiro:
I believe the removal of the uptick rule, and the permission of naked shortselling greatly exacerbated the horrific downward spiraling of stock values a year ago this time. 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 albeit for a limited time, the stock retreat was less frenetic.
I strongly urge the SEC to reinstall these rules and others to protect the individual investor in the market. We truly need some confidence in investing that the financial goliaths will not have too much of an advantage in the market.
Thank you for your consideration in this urgent matter.