Subject: File No. S7-08-08
From: Vincent M Caputo

July 25, 2008

It is time to restore confidence in the markets and level the playing field. Naked shorting should not be allowed to occur. Shorting shares that are borrowed or known to be available is fine but allowing more shares than available, available short shares plus naked short shares doubles or triples the amount of shorting that can occur in a particular stock. Naked shorting provides unfair and illegal leverage to drive share prices down particularly if months are allowed to pass before borrowed shares can actually be located and no limits placed on the amount of naked shorting that can occur.