Subject: File No. S7-19-07
From: Patrick K Cluney

July 19, 2008

With Disgust I Write This to An Inept Chairman:

Since 2004, when i first recognized the problem, i have written President Bush, March 15, 2005. The SEC three times, and now another time on July 19, 2008.

The SEC has allowed Market Maker manipulation, hedge fund Naked Sorting ( Counterfeiting) as much as 130/1 levereged loans and off balance sheet Banking, as well as Bank fraud of tremendous amounts of failures to deliver. Tried to Grandfather these crimes, and now, you Mr. Chairman have manipulated a ""Spin Zone"" of whether Naked Sorting is legal or not legal.

Having read every comment which you have requested here, i note that just about everybody is fed up with your agency and leadership.

Once again i request that 10b-21 be made a part of the rules and enforced. Make fraud be a real crime= to jailtime, not just a small fine. Once again i ask that the Market Maker exemption be eliminated.( and ex-clearing eliminated as well) Abolish the grandfater clause, and re-instate the up-tick rule.Cause all the failures to deliver of the past to be BOUGHT IN.

Your agency has a chance to deliver for Americans. It may be painful for those who have used the loopholes for so long, and who are underwater with respect to their FTD's. What all the writers of these comments are after is a fair playing feild. ALL of us look to you for leadership.

I wish i had you face to face, and show you the proof , But what are my chances of that.

P Cluney