Subject: File No. S7-08-09
From: David W Carmona
Affiliation: Air Traffic Control

May 11, 2009

I urge you to reinstate the "uptick" rule. Allowing unfettered short sales creates a bifurcated market in which long-term smaller investors suffer at the hands of those with greater resources to arbitrage their losses. I have observed that small investors usually refers to those of us with IRAs, 401Ks or other retirement account with long-term goals.

Additionally retirement systems suffered at the hands of unabated short selling by virtue of the laws governing mutual funds and annuities. Short sellers have no preconditions under which to operate.

The markets create capital through an orderly determination of fair value based on the push and pull of buyers and sellers. Allowing short sales without limit or delivery of the underlying stock creates a casino type atmosphere. Whereby those most familiar with the rules, creating the rules, or influencing the rules can manipulate the system by hedging their losses against our long-term investments.

The markets need all participants to be on equal footing to allow for the creation of wealth and capital. Without the "uptick" rule in place the market becomes a place of wealth transfer and capital destruction.

I am still trying to comprehend how corporations like BofA can have assets valued of 138 billion as stated by the "stress test" and only have a market capitalization of 93 billion. How was that fair market value derived? Certainly not via and orderly market determination.

Failure to act in the best interests of the nation and economy as a whole will ultimately lead to similar unabated short selling in other sectors of the economy. I ask that you place us back on an even keel and allow equality between those building a retirement or future and those meeting the expectations of stockholders and boards.