May 5, 2009
It is imparative that the Short Selling Rule be restored in full immediately in order to restore calm in the markets but more importantly to allow markets to function as they were intended to function, as a source of liquidity to fund business operations and grow.
The banking industry has been virtually destroyed by short sellers to the point where they could not go to the markets for additional needed capital. And that is what the equity markets are for...allow businesses to get access to capital.
There is no realistic common sense need for short selling. It is a device which turns the equity markets into a cassino that allows the rigging of outcomes...good for hedge funds, not good for business.
I urge you to immediately restore the uptick rule in full measure...else we need some legislative changes. And I know there are those in the Senate who share that knowledge.