Subject: File No. S7-20-08
From: bob johnson

July 21, 2008

i,would like to comment, on the emergency, order short sale on the banking sector.this needs to apply to all the stock market.this has been a problem for quite some time.that is naked shorts.,most hedge fund managers have denied that naked short selling even exits.only now they admitt that it is a small problem.THIS IS THE WAY IT WORKS.fist the hedge fund manager,places a short order legally,on company xyz.then comes a naked short oder that aids in driving down the stock price of company xyz.'although,the hedge fund manager placed his order legally,he still profits and benefits from the naked short wonder why the hedge fund manager says, there is no problem,or just a small problem.THIS PRACTICE MUST STOP NOW.and restore the creditablity of the S.E.C You need to restore and modify the up-tick rule.there is also rules that are before you that need strong consideration.I will be writing my congressman about this importment issue. THANK YOU.