Subject: File No. S7-08-08
From: John E. Brennan

August 7, 2008

A student of history would be aware that when you turn investment in listed stocks into something akin to a commodities trading pit people will lose confidence in the system which takes case of everyone’s life savings and retirement money. The 1930ies show that lesson plainly.

Please reverse the rules change that gives, in 1920ies terms, “syndicates,” now hedge funds the ability to out sell the market maker and sham stocks people have “invested” in. Go back to short sales on an uptick and stop naked short selling.

Thank you,

John E. Brennan