Subject: File No. S7-08-09
From: Darian Cohen

May 5, 2009

The uptick rule should be reinstated for one main reason: a run on the bank can be caused by a decline in the price of a stock. A bear raid can cause that decline. You can't drive Microsoft out of business by a bear raid, but you can drive a bank (think Lehman as one example) out. Anyone who thinks fear and panic don't affect the market is naive at best. It is the financial equivilent of yelling "fire" in a crowded movie theater.

If you really want to even the score with dedicated bear players, have them disclose their positions. It will be fun to watch a firm move all borrowed stock to cash accounts and cause a short squeeze. It is the same effect as a bear raid: using market manipulation to create contrived movement in stocks.

Do the right thing and reinstate the uptick rule. I do this for a living and it is the right thing to do.

Thanks in advance.