kann dir nur zustimmen
aber vielleicht passiert jetzt was in die richtige richtung wenigstens
in deutschland besteht zu diesem thema unendliche dummheit der medien , ahnungslosigkeit der anleger, ignoranz von politik, rechtlosigkeit, skrupellosigkeit der verantwortlichen akteure und eine unübertroffene blödheit der wertpapieraufsichtsbehörden
Wachtell Lipton Calls for Return of Uptick Rule
November 20, 2008, 12:34 pm
As shares of Citigroup, Blackstone and other heavyweights of the finance industry slumped to new lows on Thursday, a prominent law firm passionately repeated its call for the reinstatement of the “uptick rule.”
The firm, Wachtell, Lipton, Rosen & Katz, whose client list reads like a Who’s Who of Corporate America, said in a memo to clients that the “very same conditions that led to the adoption of the Rule in 1938 exist today” and sharply criticized the Securities and Exchange Commission, and its chairman, Christopher Cox, for failing to act sooner. “There is no tomorrow,” the memo said.
The uptick rule was created in an attempt to prevent short-sellers — who bet that a given stock will fall — from causing a sell-off in shares that were already declining. The rule, which permitted short sales only on a stock whose last trade was higher than the previous one, was abolished last year. Many believe that its removal has seriously destabilized the markets, though there is not universal agreement on this point.
Read the full text of the memo below:
November 20, 2008
Reinstate the “Uptick Rule”
The worldwide securities and credit markets continue to experience unprecedented meltdowns and volatility. Millions of investors are losing their life savings and retirement assets. There continues to be widespread manipulative short-selling and bear raids. The investing public is losing confidence in the integrity of our markets.
For the past five months, we have called on the S.E.C. to reinstate the “Uptick Rule,” which helps limit downward spirals by allowing a stock to be sold short only after a rise from its immediately prior price. Despite widespread market participants’ calls to do so, the S.E.C. has failed to act. The S.E.C. must reinstate the Uptick Rule now to address the short-selling, bear raids, and the spreading of false rumors. Nearly all the reasons that the S.E.C. gave for repealing the Uptick Rule in July 2007 are not valid in today’s turbulent markets. In fact, the very same conditions that led to the adoption of the Rule in 1938 exist today.
Historically, the S.E.C. has played a leadership role during market crises to assure that the markets are fair and orderly. The S.E.C. has not hesitated in the past to be creative and innovative in protecting the securities markets and the financial intermediaries from manipulative conduct. Decisive action cannot await the appointment of a new S.E.C. Chairman. The S.E.C. must take a leadership role in restoring investor confidence. It is long overdue. The S.E.C. and Chairman Cox must act now. There is no tomorrow. The failure to reinstate the Uptick Rule is not acceptable.
Edward D. Herlihy
Theodore A. Levine
