Subject: File No. S7-08-08
From: David W Glanzer, Esquire
Affiliation: Prosecutor

July 16, 2008

Naked shorting. It exists and is abused. It ruins companies and is theft against shareholders. It makes money for market makers and those that short without borrowing shares. Shares in street name should not be available to loan without written permission of the owners. A fee should be paid to those whose shares are loaned. The dividend status should not be alterated for borrowed shares when the owner of the shares is unaware they are being loaned. The uptick rule should be reinstated. There should be prosecutions for naked shorting including fines and criminal treatment. Naked shorting is being used extensively in the mining area and has depressed the junior mining stocks significantly. There is too much money being thrown at too small of a sector for the primary purpose of trying to sustain a failing fiat currency system. This is not an investment strategy but a political manipulation activity to sustain the "image" of the failing dollar. Brokerage firms should not be protected from shorting. Naked shorting hurts all and the regulations already exist. It is time to level the playing field in the failing markets brought about by unregulated OTC derivates. No more manipulation by financial institutions, the Treasury, the Central Banks and the Administration. The SEC is charged with enforcement.