Subject: File No. S7-08-09
From: Edouard Hellwig
Affiliation: Esq.

July 1, 2009

"Any institution which does not suppose the people good, and the magistrate corruptible, is evil."
--Maximilien Robespierre, Dclaration des droits de l'homme et du citoyen, 1793

The people (overwhelming majority) wants the uptick rule back. Why are you dragging your feet? We are not stupid.

Please reinstate the uptick rule first. If you wish, you can have your additional studies and discussions later.

BTW, the pilot study that was used as an excuse to remove the uptick rule was garbage an extremely poorly designed study. The bears were afraid to bear raid the stocks that the SEC was studying (the bear raiders are not stupid to leave evidence and to incriminate themselves). The study was like leaving a car unlocked and having a cop watching it 24/7, and later making the conclusions that there is no need for locks (because the car was not stolen).