Subject: File No. S7-08-08
From: Rory Kearney

August 4, 2008

The people in charge of the SEC have turned it into nothing more than a front that enables the uber wealthy traders to steal the small investors money. They rove around the market in packs and pounce on companies that are vulnerable by naked shorting them, manipulating the share price and destroying any value in the stocks, often putting the company out of business or pounding it so low they then arrange it as a great takeover at a steal for a company they favor. They can hold on to their position for years, suppressing the stock price, until they get their desired result. It is a scam and the SEC is complicit in it. I am sure many in the SEC are reaping rewards from this behaviour. If there were nothing in it for them they would just settle the trades. The whole agency needs to be disbanded and a new agency needs to take its place that will enforce the laws on the books. That we are still writing these letters, and so little has been done, and none of it by the SEC unless ordered by the government to do so, proves the people running the SEC are very corrupt. Settle the trades. There is no reason not to other than corruption. Wall Street created the subprime mess and the naked shorting mess and destroyed the wealth of the United States of America in its wake. SHAME ON YOU