Subject: File No. S7-08-08
From: Lowell Johnson
Affiliation: retired investor

August 14, 2008

Naked short selling has become rampant and out of control. SEC efforts to control it amount to a drop in the ocean. The naked short selling is the financial crime of the century. As more investors become aware of it, faith in the US stock markets will deteriorate. This is another way that the US is losing its world leadership position.