March 26, 2009
Mrs. Schapiro,
If the Uptick rule is not reinstated in its entirety and very soon, the AIG and Maddoff scandal will eventually look like a walk in a park. The loyalty here must be first and foremost to true Patriots - American Long term investors in US economy, which were allowed so far to be continuously kicked down by destructive shorts while lying on a ground bleeding. No one should be allowed to continuously kick a half-dead person (in this case American companies and American economy), resulting in layoffs of many Americans and incredible loss of wealth, while enriching these destructive scavengers. These speculative shorts are true traitors and are the financial terrorists! The previous administration that allowed conveniently create these weapons of financial mass destruction and allowed these traitors to destroy the US economy and trust of investors. Not having these loopholes closed now, while pouring TALF and TARP money into the system is wasteful. Shame on our IVY League Academic institutions that graduated and our financial firms and banks that empowered many of these evil doers.
American people are learning more and more and soon will be in front the house of former SEC chairman Chris Cox instead of the houses of AIG executives, and other lobbyist and policy makers that allowed these rules to be eliminated along with double and triple short vehicles of financial destruction conveniently created at the same time - how coincidental! We want justice and this scandal is not over yet, since majority of unemployed people and 401k Investment crowd that lost 40-7% of their investments have not made this connection yet... The speculation must stop on the stock market, commodity market -etc. Our economy, our money and our country national security must be off-limits for the destructive speculators with clearly inside advantage!!!
The lobbyist that are fighting hard right now to not have this rule reinstated, must have their names revealed to all of us and have American long term investors along with millions of unemployed people in busses to visit their backyards and ask to show their profits and bonuses they made unfairly and at the expense of the rest of us. Maddoff and AIG scandals are insignificant compared to these true financial terrorists.
Please SEC chairwoman, do a right thing and fast - reinstate the Uptick rules in its entirety and eliminate the double and triple shorts (and long for that matter) ETFs/ProShares. I realize that there is a lot of other things that you are working on - like the CDS OTC abuse, eliminating mark-to-market accounting, etc., but you have an opportunity to make things right and redeem current legacy of SEC.
Here is a very informative article that has most of the facts for you: http://www.thestreet.com/story/10467076/1/ultrashorts-and-the-fall-of-the-uptick-rule.html
Thank You,
Proud and very concerned US Citizen.
Victor