Subject: File No. S7-08-09
From: James E Brown

May 5, 2009

I support a short sale price test based on the bid price coupled with a downside circuit breaker. This would be helpful in restoring some balance in the markets. As important as this is, it pales in consideration of naked shorting. As an active retail investor I cannot buy a stock that does not exist nor can I short a stock that does not exist. Why then is it fair to allow anyone or any organization, including short etf's to circumvent this rule? Make all short sales, no matter how large the order or who places the order require borrowing of existing shares just as I am required to do. This coupled with some form of an uptick rule would help put longs and shorts on an even footing. - JEB