Subject: File No. S7-20-08
From: frank terranova

July 25, 2008

It's not possible that now simple investors/ people with retirement positions have to LOSE money why speculators are free to make money thanks to naked shorting and other tecniques that damage the long term investor.
This is NOT the way the stock market was built for.

Please work on the naked shorting problem as well as the uptick rule.

Finally I believe the $3000 loss per year rule should be changed at least to $5000 or even $10,000 since has been in place for a long time.