May 29, 2009
My wife Jackie and I support return to the uptick rule which we believe successfully protected the market against manipulative, pile-on, short selling during the period following the Great Depression, until repeal by the Cox led Bush ideologues. As was clearly apparent over the last year, the financial institutions, in particular, are vulnerable to bear raids when panic is in the air. For years, the uptick rule provided stability to these markets. The repeal was a colossal and costly mistake - a mistake evident to those who watched the systematic destruction of Bear Stearns and Lehman Brothers.
David and Jackie Hemond