Subject: File No. S7-08-09
From: Erin Chieffi

June 2, 2009

You must bring back the uptick rule... and not a variation that is going to appease the masses that continually short specific stocks to bring it down in a true bear market. This rule was created after one of the greatest market crashes of all time, and shortly after it was revoked it once again showed the major damage it can cause when the markets begin to collapse. I know it might appear that it has no affects when markets are good (and that is the point), it is a necessity when markets sour. And at those times, the last thing we need is lack of regulation that drives the market further down.

I don't buy one single argument for the funds and institutions lobbying hard to prevent the uptick rule returning... and I have one simple point that destroys every argument they have, simply put, millions of people made billions of dollars taking short positions on stocks when the uptick rule WAS in effect. Any argument against reinstating the uptick rule and banning naked shorting is purely greed and is driven by motives to make more money. However, the fact that money has, and can, be made on shorting stocks even with the uptick rule is in effect is a point they cannot run from. They only want to have more control of the price of stock... so they can continually short a stock, constantly resulting in a lower price, which in turn is how they are trying to make their money. Where's the checks and balances in that?