Subject: File No. S7-08-09
Affiliation: CPA

May 14, 2009

I am in favor of reinstating the uptick rule. I also want the SEC to rulemake prohibiting any ETF's to use leverage in its fund. I previoulsy worked in the securities industry and owned a security firm and was a member of the NASD business conduct committee prior to retirement.

I think the prohibition of leverage is needed to protect investors from using too much leverage in their investments since the ETF can in itself be margin. I think for the protection of investors this would be a prudent rulemaking action. I also favor the uptick rule since short sellers can manipulate a stock in today's computer linked world.

I also believe the SEC has done a very poor job of monitoring the short sale rule since I believe the requirement for having borrowed stock on hand as collateral to allow for short sales is being badly abused.

Thanks Rick Pacholski