Subject: File No. S7-08-08
From: Greg Phillips

July 27, 2008

The act of "naked" shorting must NOT be allowed any longer. It is an abuse of the small investor and will eventually destroy the faith and confidence in the stock market.

Government officials have a sworn obligation to protect the citizens against unlawful acts and now is the time for all responsible officials to take the necessary action to eliminate this unlawful act forever.