May 9, 2009
I believe the practice of naked short-selling, and the lack of an "uptick rule" was a major part of creating a panic atmosphere during the recent financial crisis. As part of the regulatory and other reform measures being considered, restoration of the uptick rule should be enacted. You should be required to borrow stock before you can sell it short, and also, if you are short 5% of a stock there should be full disclosure, just as those who are long 5% must disclose. Mr Jim Cramer has been very persuasive on this matter. Thank you.