Subject: File No. S7-08-09
From: John Schatz

February 20, 2010

As a long term investor, I support the reinstatement of pre-borrow requirements and a complete prohibition of naked shorting. This practice is ruinous to our economy, and prevents long-term investors like myself from being willing to commit funds to the market when a short-term mentality restricts the ability of companies to appropriately focus on the best interests of those same long term investors.