Subject: File No. 4-581
From: panos leh

June 11, 2009

Dear Sec,

Thank you for this opportunity.
As an investor and trader, I am against any form of regulation on short selling (naked short selling excluded).
The markets should be left alone to the free market forces. The more we intervene the more harm we do. Short selling should not be considered harmful so that special regulations are required to be applied. Short selling is the way investors punish companies for doing...well, some of the things they have been doing all this time. It is in some way our voice and that voice should be heard. Shorting should be there in its full destructive potential so that companies know, of the consequences of irresponsible behaviour. The truth is that the uptick rule will have not much impact on stocks as there are many ways around it and with more forced liquidation coming our way, short selling will be the last thing to worry about. However these circuit braker rules are absurd.
The sharp decline in the markets is part of the cure for this recession and any action to delay a correction in stock prices would only suck more people in leting them think that the recession is over, only to make them loose more in the end.
The last thing the SEC needs right now is to be responsible for sustaining inflated stock prices for a prolonged period of time.
Shorting stocks without restrictions can do more good than harm. For example, IF a stock goes down by 30% in a day because of shorting, it means someone with loads of money, knows somthing others dont. This can raise the alarm and make investors do more due dilligence before jumping in.
I cannot think of any good reason why shorting should be tempered with. Any decrease in the rate of decline of a stocks price, will mask warning signals for sure. If people make mistakes and invest their pensions in bad companies it is not a short sellers fault.
Lets continue to promote a capitalism
please do not interfere....leave it to the free market.