Subject: File No. S7-08-09
From: L Pait

May 5, 2009

Having recently entered the market outside of my 401K, I did not understand the concept of "shorting". After doing extensive research, I have reached the conclusion that the process of shorting stocks probably contributed in part to the decline in value of my 401K. I can't comprehend how "naked" shorting could be allowed in any circumstance. The old uptick rule worked well for many years and should be allowed to remain.