March 24, 2009
Madam Chairman,
Your predecessor and perhaps your self too, wont take the phone call from the common investor or meet with them. But you will always talk to the lobbyist and meet with them, and that is why they fill your head with bunch of non sense, misleading you, while they manipulate the market and keep looting America. Just remember whose interest you are supposed to be protecting. You suppose to protect the interest of the common investors, equity share holders, and our publicly traded companies and not the interest of the hedge fund short sellers. They are not investors. understand the difference.
The investor wants increase in stock value and price appreciation, the hedge fund short sellers want decrease in stock value and price declines, even to the point of zero. Please understand the difference. The hedge fund short sellers are not investors. You got it?
The SEC should completely reverse all the changes that Christopher Cox made during his tenure because they were all against the interest of the common investors and in favor of the hedge fund short sellers. You must reinstate the uptick rule. Remove mark to market accounting, and end and dismantle trading on all the short ETFS, also called inverse and leveraged ETFS.
So, since this meeting is for the uptick rule alone, I will now specifically address the issue.
No more shenanigans or playing shell games with the uptick rule. You must reinstate the uptick rule, to exactly what it was before Christopher Cox changed it. Do not modify and water it down to favor the hedge fund short sellers by putting just a one or two cents or three cents uptick rule restriction before they can short a stock, because that will be bogus and nonsense.
The uptick rule restriction should be at about 10 to 25 cents before they can short a stock. It is called a short sell restriction for the purpose of restricting short selling to prevent manipulation and panic share declines. Do not pave the way for them to continue manipulating stock prices and destroying the common investor and our publicly traded companies. You must impose an effective short sale restriction and not a water down version with one to three cents bid increment that will be useless and ineffective.
Thank you.
AJ.
Mission Viejo
California.