June 4, 2009
-Please restore the up tick rule to protect individual investors from the slam down the short sellers have done on bank stocks and other stocks. I personnaly lost $10000 in BAC and WFC stock due the the naked short selling in October and November.
While the brokerages say they will enforce the naked rule internally I do not trust them and feel that the SEC should ban naked short selling.
The economic studies done on short selling were done by "academics" who don't have any money on the line and done for a period of time in the bull market of the early 2000's which have no relevance to the real world. These results were politically motivated and have no basis in fact.