Subject: File No. S7-08-09
From: Gregg Smolev
Affiliation: Vice President, The Marcon Group

May 8, 2009

The uptick rule needs to be reinstated immediately The ability of hedge funds to manipulate markets by short selling (including illegal naked short selling) has to be stopped. It definitely contributed to bank stocks being destroyed far beyond what should have happened - we cannot let it happen again. It affects not just our economy, but our national security.