Subject:S7-20-08

July 22, 2008

I really canīt understand if why is it that if naked short selling is threat as you say ""Today's Commission action aims to stop unlawful manipulation through 'naked' short selling that threatens the stability of financial institutions.", why is it that you only do this for 17 shares and not for ALL shares and sectors?

If your commitment is to protect all of the investors, why is it that you only protect only one? Regards

German Spannagel