October 28, 2009
Dear the SEC:
Where is the uptick rule? It seems the SEC is dragging its feet on this issue.
The Wall Street insiders has reaped millions of profits at the expense of the small investors. Market integrity and fairness are at stake. Small investors need a level playing field to regain confidence. So far, millions of small investors are still avoiding the market.
Analysts and hedge funds use the power of media to influence investors' psychology. The may even set up big short positions before a downgrade. They already have a tremendous advantage. If they have the ability to pile on, they can exert lots of damages quickly.
I hope that the SEC will not listen to the Wall Streeters. These are the people who have no credibility. They are the ones that introduced derivatives that nearly destroyed the market many times. Their recommendations should be heavily discounted.
Regards,
DW.