Subject: File No. S7-08-08
From: Francis Lemay

March 28, 2008

Banks, Brokers, Investment firms, wholesale and retail investors are wondering why the SEC is even talking about Naked Short Sales. These fine institutions and people that invest the pension funds of the workers of the United States of America and the world, would never be involved in such a thing as a sale of a Naked stock/bond/option or service. The thought of selling something that they do not have or the ability to obtain it on demand, and then take a commission could not happen under the watchful eye of the SEC.
Where is the proof for such an outlandish notion as a Naked Short Sale? I am sure that you will try to tell everyone that the SEC has proof for such deeds. If you do have proof then produce it or just stop these continual requests for comment on an issue that if it did exist it would not effect anything. If you do have proof and it is trading of CMKM Diamonds Inc. then please do not refer to it as your proof, because that dog wont run. It was shot in Las Vegas before the balloons were to fall. Maybe the SEC can check with the not so Federal Reserve or its brother the DTCC on another revision of Naked Short Sales and allow them to develop another not so level trading platform.
This has been a way of life and riches for the select few allowed to trade this way. Mr. Coxs letter to the Basel group made me laugh. A lack of Confidence not a lack of capital is the reason for the Bear Sterns deal. Do you make this stuff up or are there people that you employ to make this stuff up for you.
The models that have been designed by all those above have viewed this financial problem as a sustainable scheme just give them another 69 years or so and they will be able to correct it.
Please do not take on this effort you will not win. The wrong doers know that if you want blood from a stone you will have to use that stone on someone that bleeds. I do not believe that the SEC and Congress have the fortitude to make the wrong doers bleed.
Has anyone in the government checked to see if the not so Federal Reserve really controls the gold they say they do to sustain there Federal Reserve notes that they secured from the treasury? Maybe the SEC and Congress should check with the GAO Secretary to see what is really been going on with the United States Balance sheet.
The free markets in the United States have been shown for what it really are. When the not so Federal Reserve stepped into the fray with tax payers money ready to bail out the investment bank of Bear Stearns and propping up J.P. Morgan. Save the elite and they will feed you - maybe
Thank you for allowing me the opportunity to comment on this questionable issue.

Francis L. Lemay
Watching the watchers