Subject: File No. S7-08-09
From: Susan J Wolfe

May 5, 2009

I strongly advocate the prohibition of naked short sales except as necessary by a market maker in the course of his/her business. My main concern is that naked short selling artifially decreases share prices. It's like selling, one at a time, one hundred out of ten houses on a street - the naked shorter never has to deliver unless the share price is firmly raised by an outside event like a company buy-out. Naked shorting also is not needed. A would-be short seller can borrow shares to short (and thus stay within the limit of shares available), or can buy a put option.

Naked shorting can also result in market havoc when the shorts attempt to cover in the event of a company buy-out or other outside factor that firmly raises the share price.

I sincerely and hopefully request that the speculative practice of naked shorting be outlawed and agressively monitored on behalf of market investors. Thank you.