Subject: File No. S7-08-09
From: Tim Belloto

May 5, 2009

Isn't it time enforcement of the rules existed for all players? Settlement is defined as T+3. No special rules should exist for sellers who use multiple locates. Reg SHO would be irrelevant if a pre-borrow and forced buy-in existed.

The SEC was charged with investor protection. It is not the job of hedge funds to determine if a company is fairly run. It is the job of the SEC to properly investigate companies. It's time to eliminate all these special rules for favored wall street players. One stock market. One set of rules. No option maker exemptions.

And finally, how about some real penalties for those who do break the rules? No borrow? No locate? How about a fine of 3% like the treasury is doing?

White collar crime is 10 times more dangerous than any other type of crime. Wall St has been entrusted with America's retirement. These white collar criminals like Bernie Madoff who have been given free passes for years by the SEC need to be stopped. The SEC has violated that trust as well by allowing short based hedge funds to run rampant through our 401Ks.

No more loopholes and enforce the rules. Is it that much to ask for the SEC to do it's job? And it's job should not be to protect Wall St.