February 20, 2010
I lost a pile during the crisis when my Washington Mutual shares went to zero. I have no doubt that a huge factor in Wamu's demise was a herd of short sellers ferociously ganging up on Wamu and driving its share price down with the intent of putting Wamu technically offside. There was no "efficient markets" component in this attack. It is logical that blood-lusting carnivores on Wall Street are opposed to a new uptick rule. However, as a small investor, I am equally logically in support of the reinstatement of an uptick rule. Hopefully the SEC will see fit to favor the sheep over the hyenas.