May 4, 2009
I am an individual investor, and have experienced a great deal of wealth destruction at the hands of short selling hedge funds. As an investor, I feel helpless and victimized by those who have the resources and means to manipulate market price as they see fit for gain at the expense of medium to long term investors like myself.
The uptick rule protected our wealth from these attacks for 70 years, and in 2 years since it's removal we have been brutally and swiftly reminded why it was first instated and kept for so long - to protect investors from manipulated prices.
I am convinced the lack of this rule combined with out of control "big money" naked shorting company stocks have cost hard working middle class Americans billions of dollars for the gain of a very greedy and elite few.
Please reinstate the uptick rule as it originally was, and end this rampant bullying of investors like myself from the criminal naked shorting of shares practiced by these large institutions.
If you are being told it is too complex a problem to address, its time to question the team's allegiance and find others who can. This country is full of bright engineers (many of my colleagues) which can accomplish any task no matter how complex and challenging. We made it to the moon - we can figure out how to fix this. Keep it simple, don't make a bunch of exceptions to be exploited by the corrupt. Reinstatement of the old uptick rule and preventing naked short selling will be a huge victory for the currently troubled investor and mistrusted markets.
Please do not succumb to the will and pressure of the mighty few at the expense of the common American. Do the right thing.
Thanks for your time.
-Steve