November 21, 2008
Could you please consider reinstating the uptick rule. This rule worked for nearly 70 years and then in July of 2007, it was repealed. The destruction that has been caused by this is absurd. Hedge Funds have been able to “gang tackle” stocks and bring them to their knees. With no uptick rule in place, they have been able to bid up the Credit Default Swap and then short a stock at will, ultimately causing what is the equivalent to a death spiral. In the case of the financials, it leads to a crisis of confidence in the company which can then lead to its demise. This rule was originally put in to prevent the VERY THING that is occurring today!
Andrew Wyman