Subject: File No. S7-08-09
From: Dave Murphy

May 5, 2009

Looking at many of the comments posted I find it remarkable that the vast majority feel the old rule at a minimum should be reinstituted. This type of disparity suggests flawed or distorted data, in this case suggesting a concerted effort on the part of an entity with an agenda.

I believe you should install harsh penalties for naked short selling, zero tolerance.
Other than that nothing should be done on one side of the market that is not balanced out on the other side. You should not appear to rig the market to the upside as you would be doing if you instituted a up-tick rule without a corresponding down-tick rule.

The creation of bubbles will wreak havoc eventually every time. Don't add fuel to the fire of the next bubble.