Subject: File No. S7-08-09
From: Gary Angotti, Esq

June 10, 2009

I am in favor of re-instating the up-tick rule, or some modern form of it, and prohibiting naked short sales.

The uptick rule worked for some 6o years, its removed, and stock market calamity ensues. Technology may have changed to make it harder to track, but after the dust settles, the threat of a lawsuit or SEC prosecution may be all the teeth you need. Open up violation to a private right of action and see how plaintiffs will find the evidence.

As to the borrowing requirement, any system of regulation that does not require borrowering the stock could allow the sale of more stock then actually exists. Taken to an extreme that could build enormous downward pressure on the price of the stock.