February 20, 2009
Dear Chairman Schapiro, I am writing you as a 40 year Wall Street Veteran. I have been a customer and a broker always in the Institutional Trading Area. I urge you without further delay to reinstate the uptick rule immediately. Ever since Mr. Cox removed it there has been a constant shorting of all the financial institutions. The pressure is about to blow the whole system apart. If you look at charts of the Keefe Bruyett Banking Index and the New York Stock Exchange Financial Index you will see that starting on July 1, 2007 they have gone straight down. I will forward you my previous e-mails to Chairman Cox for the record. I have been in communication with Congressman Ackerman also regarding his bill and the urgency to act. Time is of the essence, Sincerely, Dick Servetnick, San Francisco, California—900-428-7071