Subject: File No. S7-08-09
From: Gary Rupp
Affiliation: Senior Vice President (Government Contractor)

June 4, 2009

Reinstatement of the "Uptick Rule", in and of itself, I believe, will have limited affect. Those who wish to use Short Selling and Naked Short Selling to their advantage are already figuring out how to work the system, to get around that rule and limitation... guaranteed

Instead, the SEC needs to enact rules that require preborrow of securities prior to take a short position. A "Fail to Deliver" after three days (T+3) should force an automatic Buy-in, plus penalties.

Repeated FTD offenses, three should be enough, should require the SEC to transfer the case to the FBI or DOJ so that they can initiate a criminal investigation and charges.