Subject: File No. S7-08-09
From: Chris La Puma

May 14, 2009

Please reinstate the uptick rule.

For many years it prevented short sellers from creating panic selling in stocks. The short sellers and the leveraged short ETF's, together with the unregulated credit default swap market participants, recently were largely responsible for the near-destruction of many banks and financial companies.

Why should highly leveraged large capitalization short sellers be able to drive down prices of stocks? This power puts the average investors at a great disadvantage. It also undermines their confidence in the marketplace as a level playing field.

Thank you.