Subject: File No. S7-08-09
From: wayne e nations, cpa
Affiliation: retired cfo atc

May 22, 2009

I am an experienced financial person,CFO,took part of, and passed part of cfa exam before retiring.Manage my own significant portfolio. Please reinstate the old rule. I have lost much respect for the SEC in recent years. In contacts with your people I have often found I have much more knowledge than the person to whom I am speaking and a few times they did not even comprehend a "not too complicated" question.
It troubles me that I feel it is obvious that the SEC "panders" to the professionals of the investment industry who can not always be expected to operate ethically, or legally. As a result you leave the individual investor at the mercy of an industry that has just proved it cared only about its own largesse.
What you are proposing seems to be only a tranquilizer for the individual investor and does not impose real curbs on destructive short selling tactics. What are you doing to investigate the short sellers who circulate false rumors in the market place about various companies in order to drive down the stock they have shorted.