Subject: File No. S7-08-09
From: Roxana Noriega

November 11, 2009

The SEC must to proscribe the naked short sells. The naked short sells are increasing permanently the fails to deliver. When a share of stock is sold but never delivered, it's called a "fail" or a "fail to deliver" and there was no regulation in place that prevented it. It's exactly what it sounds like: a loophole legalizing the counterfeiting of stock. In place of real stock, the system could become infected with "fails" phantom "I Owe You" shares instead of real assets.