Subject: File No. S7-08-09

June 15, 2009

From: Roger A. Froehlich

II strongly believe reinstatement of the uptick rule is in the best interest of the investing public. A perfect example of questionable trading in the absence of this rule lies in the extensive shorting of Sirius XM stock (SIRI), which currently totals 175,742,764 shares on the Nasdaq. There is every reason to believe much of this has been manipulative trading, as the most recent increase in this short position of 28,384,065 shares in the two week period from May 15 through May 29 was all accomplished within a price range that barely fluctuated (holding within a one cent range for approximately 80% or the time - from .34 to .35). It is also highly likely that much of this shorting was on a "naked" basis, as it would be extremely difficult - if not impossible - to arrange the borrowing of this amount of stock, given the current tightening of credit and fewer institutions willing to lend the required shares. The conclusion one reaches, given this evidence, is that manipulation is taking place - adversely affecting the best interests of the investing public within a properly regulated financial market - and this should be actively investigated and opposed by the SEC. If the uptick rule had been in place, much of this rampant shorting would have been curtailed and it would have been much easier for the SEC to monitor improper activity and enforce the protection of the public. The apparent manipulation of SIRI through this form of abusive shorting provides a clear test case as to why the uptick rule should be reinstated.

Disclosure: Long SIRI