Subject: File No. S7-08-09
From: tom p kerwin
Affiliation: retired

May 6, 2009

As an individual investor of moderate financial resources I have been outraged at the behavior of short sellers. While my own preference would be to see short selling banned I would at least like to see the 'uptick' rule in place and strong oversight of the use of short selling. In addition, "naked" short selling should be outlawed. I am surprised that given the recent impact of short selling, almost causing a complete breakdown in financial company stock valuations and a market crash, that anyone would consider allowing unfettered short selling to continue. The SEC under it's former chairman totally failed the American people in his oversight and regulatory role and it is time for the SEC to once again protect investors and the economy from people who add nothing to our economic performance and simply look for short term gains through speculation which threatens our country and will potentially scare off legitimate investors with potentially serious impacts on capital formation. Ms. Shapiro, please do not listen to the arguments of a handful of very wealthy individuals and firms with deep pockets and political influence at the expense of the small investor and our economic well being. Thank you.