Subject: File No. S7-19-07
From: Bud Burrell
Affiliation: 40 year veteran

July 13, 2008

File No. S7-19-07
Amendment to Regulation SHO

August 1973 I started on Wall Street in Block Trading for Bache. Worked in all Major firms through the years.Traveled all over the world.

From $6 Billion per day Fails to deliver is now Over $13 1/2 billion per day.

There is More Naked Short shares in the market than there is Outstanding Shares.

We have allowed our Clearing systems to be Gamed, to the point where they are able to manipulate markets.

Senator Bennett told the US Senate Banking committee about Global Links shareholders. The founder bought all the legal outstanding shares which was 1.2 million shares subsequently in the next 10 days 32 million shares traded.All Naked or Counterfeit shares. Companies that experience a Naked Short selling attack are unable to survive.

Regulation SHO is a Fraud. They Grandfathered failures to deliver after they looked at the failures at the systemic level they realized they could not force all the failures to settle in the market place without essentially wiping out the Brokerage industry and the Hedge Funds. The List was fraudulent did not list all the stocks that had these persistant FTD's.

The Brokers realized the way to hide their Fails or to create Naked Shorts so that they couldnt be seen was to do them outside of the system of the Depository Trust custody and clearing system which is a Monopoly in this country in a thing called Ex-Clearing.

Effectively the level of Counterfeiting today, I recently saw the estimate as a real open Fails in stocks to be roughly $192 Billion That is a mark to the market at what those stocks are priced today at these depressed levels today.God knows what the # would be to buy those fails in if the FTD's were capital charges to the people responsible for the Naked short Selling. There capital would be wiped out and they could never buy in the existing fails because the people had been raped would charge them extortionate prices for the stocks that they had destroyed.

Fed Reserve Bank just reported recently in there was 1.98 trillion in bonds that were Failures to deliver.That is just what they are reporting and that # is probably higher.

The Misdirection is the attention of investors is being directed towards Naked Short selling when the real problem is "Settlement Failures" which are intended to Launder money criminally and to evade taxes offshore By moving the trades Offshore A systemic attack on all wealth in this country going on for over 35 years. Mar Rich, Boesky

Gary Aguirre in the process of negotiating settlements with the government.

Europe went from 13 days to 3 days to settle Fails to deliver. That has not happened in the US

A Major case with O'Quinn and Christian in April of 09 will win.

American people are asleep at the wheel in this crisis.

SUN Micro and Oracle were Naked Shorted offshore destroying there market share.

Electronic settlement process enabled the counterfeiting of shares called Dematerialization.

Markets in the USA are corrupt top to bottom, front to back.

Jim Cramer described manipulative techniques he used to paint the tape, then he would tell journalists about it and later was subpoenad for it.

Encourages everyone to read the decapture website. It names names of journalists that helped hedge fund shorts to profit.

Paid Bashers paid for the # of posts they would post. The bashers are still in operation while Elgindy is in prison.

Senator Bennet gave a speech about Naked Shorts being understated. Ex-Clearing not being stated.

Mortgage CDO scandel dwarfs the bond scandals. Systemic risk has caused this.

Global Economic meltdown because of the current Real Estate market.

The Bailout of Billions for JP Morgan to buy Bear Stearns is coming out of the pockets of the American people.

We are currently seeing the Fatal flaw of democracy Right Now. and must be read by people.

I encouraged a 72,000 shareholder group to speak out against it.

Phantom Shares on Bloomberg was supposed to be 2 hours instead of 30 minutes and won an Emmy award. A brilliant piece.

Listen to my interview

I did 9 interviews with the Christian traders radio station and with Mark Faulk. Faulks book describes the story of a Las vegas company CMKX.

In CMKX $250 million was vaporized in a Las vegas pump and Dump. "No fewer than three federal criminal confidential informants involved in the deal before before the Stock even started trading"