Subject: File No. S7-19-07
From: David Dickes
Affiliation: retired

August 10, 2008

I was absolutely stunned when I read that the ruling on naked shorts is routinely ignored by institutional investors and is not enforced by the SEC.

Institutional investors have a huge advantage over almost all retail investors simply by their size and access to information (with the ability to quickly assess the importance of that information).

Please do not relax the rule - FOR ANYONE

The rule makes good sense, enforce the rule for the good of the overall market.

Next I hope you will address the problems caused by margin inequities.