May 5, 2009
-It is absolutely essential that the market is fair to all investors. The elimination of the up-tick rule has allowed hedge funds and other short sellers to manipulate the market to the determent of regular investors. Last year we watched the destruction of capital with raids on various financial firms resulting in destruction of retirement funds of investors like myself.
The rules placed in effect following the great depression were put in place to keep the markets regulated and fair to all investors. If confidence in the fairness of the market is to be restored it is essential that the rules be restored.
I urge the SEC to restore the repealed rules and bring confidence back to individual investors that the market will be restored to an equal footing to everyone.