May 9, 2009
Dear SEC,
Please reinstate the Uptick Rule as it was working fine for 70 plus years. You should listen to Jim Cramer on CNBC's Mad Money.
All my retirement was rolled over into an IRA in 1991. I have been living fine on the returns for 16 years and then the Uptick Rule was removed in 2007. Within a year (2008)the negative short sellers have made a fortune on small investors like me. My retirement nest egg has been cut in half. Instead of the modest(but comfortable) retirement provided by my investments, I am close to losing my home.
As you know, but as a remember, in 1963, your own SEC did a Special Study that reiterated the Uptick Rule is a SIMPLE, but EFFECTIVE, mechanism for balancing the various competing interests.
If it ain't broke, don't fix it. Why did the SEC "monkey" with the Uptick Rule, when it worked great for 70 plus years? Please Reinstate the Uptick Rule, just as it was, before the shorts get the rest of my nest egg.
Thank You,
Dennis McBride