Subject: File No. S7-08-08
From: Paul Smith

March 28, 2008

I fail to see the usefulness of the SEC as it appears that the agency is quite impotent with regards to Naked Short Share sales and settlements Too many times I have seen my investments depleted by up to 99% of my initial investment in certain equities such as CMKX and USXP. The system is clearly a fraud and as such I will NEVER again invest in any US equities markets


Paul Smith.