Subject: File No. S7-08-09
From: Will H Chau
Affiliation: Marketing Strategist

May 18, 2009

To Chairman Schapiro:

While President Obama is having his hands tied in stopping the financial bleed out and American job losses, I believe the one factor the U.S. regulators are failing to see that has massively contributed to a decline in consumer confidence is a loss of retirement and savings in US investments. People will not spend if their savings are getting crushed and when you add that with the fear of loosing jobs, what you essentially get is a stale retail and loan market.

I know while SEC has several plans to stop abusive short selling you still fail to realize the main point of the action. Everything lies in execution. The American economy doesn't need to wait 60 days to get feedbacks for something that should have been put in place immediately. Americans are falling to abusive short selling, insider trading, and massive stock manipulation. We don't need to wait 60 days. Pick a plan, execute immediately, and if it doesn't work then try another. It is insane to see SEC acting so slow to this obvious problem, just as how SEC failed to stop Madoff and Stanford Ponzi schemes from growing until today.

Your problem is your lack of action and the American people are bleeding because of it. Innocent people are suffocating. While you may not care or are paid not to care by side pockets, I suspect deep down inside you still have a heart. Mothers, fathers, grandparents, aunts and uncles, responsible retirees are now finding themselves in the poor house because their retirements are destroyed.

Instead of punishing direct bankers who made illegal loans with fraud charges, you decided to go after the companies themselves, which in effect, destroys innocent retirees and investors. Why is it that the crooks get away while innocent people pay for their mistake in depreciated stock prices, destroyed retirements, and increased taxation?

My advise is to pick a plan quick, the original uptick for example, and implement it immediately. Don't wait, unless you're paid to wait, in which case I pray that GOD have mercy on your soul.